Apollo Tyres posts profit of Rs 191 crore in Q1 FY23, up 49%

The company said that both its Indian and European operations performed well, with their revenues from operations increasing 38% and 14% respectively, as compared to the first quarter last fiscal.

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Indian tyre major Apollo Tyres has announced its financial results for first quarter of the financial year 2022-23. The company reported consolidated revenue of Rs 5,942 crore, a growth of 30 percent compared to 4,584 crore for the same period last year. The net profit came at Rs 191 crore as against 128 crore reported in the last fiscal.

The company said that both its Indian and European operations performed well, with their revenues from operations increasing 38% and 14% respectively, as compared to the first quarter last fiscal.

Onkar Kanwar, Chairman, Apollo Tyres said, “Both, Indian and European operations have done well during the past quarter and reported strong topline growth, aided by the healthy demand across segments, especially passenger vehicle tyres. Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1.”

During the quarter, the company appointed Vikram Garga as Group Head, Marketing for the Asia Pacific, Middle East & Africa (APMEA) region. It recently launched tyres targeted and developed specially for electric vehicle segment. The Apollo Amperion range of tyres for the electric passenger vehicle segment and the Apollo WAV range for the electric two-wheelers.

Also read: Inflation, crude and rubber prices key concerns for Tyre makers: Satish Sharma, Apollo Tyres

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