Apollo Tyres, one of the leading Indian tyre manufacturers has announced its financial results for Q1 FY2024, which saw revenue of Rs 6,245 crore, up 5 percent YoY.
The net profit came at Rs 397 crore, which was 124 percent higher as compared to Rs 177 crore for the same period last year.
Apollo Tyres’ attributes the growth on the back of its European Operations outperforming the market under a tough scenario, while in India the focus remained on higher margin products and markets.
Onkar Kanwar, Chairman, Apollo Tyres said, “My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long-term perspective. This, along with stable input costs have resulted in better margins in the past quarter.”
