A strong resilience in the Indian automotive market and focus on premiumisation have helped Apollo Tyres post strong financial results in FY2023. The company has been aggressively pushing its premium European brand Vredestein in the Indian market, which seems to have received a warm response.
In Q4 FY2023, the revenues from operations across geographies was Rs 6,247 crore, up 12 percent, with Indian and European operations growing 9 percent each. The net profit came at Rs 427 crore as against Rs 113 crore for the same period last year.
For FY2023, the Indian and European operations grew by 18 percent and 11 percent respectively. This translates to revenue of Rs 24,568 crore compared to Rs 20,948 crore reported a year ago. The net profit for the period was Rs 1,105 crore versus Rs 639 crore a year ago.
Onkar Kanwar, Chairman, Apollo Tyres said “Our performance, in terms of topline and bottomline is very much aligned with our internal targets. Under challenging demand scenario across geographies, both India and Europe Operations have done well, and mostly ahead of the market.”
“We have witnessed good recovery in the commercial vehicle segment in India. Company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs,” he concluded.