ApolloTyres
Apollo Tyres Ltd registers Q2 consolidated net profit of Rs 174 cr
Kochi/UNI/IBNS: Apollo Tyres Limited registered a consolidated net profit of Rs 174 crore in Q2 FY21 due to sturdy sales in domestic and international markets.
Revenue from operations was up 18 per cent to close at Rs 5,077 crore, as against Rs 4,295 crore in Q2 FY21.
The tyre maker's Indian operations witnessed revenue growth of 47 percent and 25 percent in the first half and second quarter respectively, while the European operations also experienced a growth in revenue.
Apollo Tyres Limited Chairman, Onkar Kanwar, said: “We have seen a robust demand for our products across categories and across geographies, which is visible in the healthy revenue growth, both for the second quarter and in the first half of the fiscal.
"Some of the recent additions to our product offering is helping us further extend our leadership in the commercial vehicle and passenger vehicle space in India."
"Europe too, continues to grow, especially in the UHP and UUHP segment in PV category. The pressure on the margin front continues, due to the rising raw material prices, despite taking multiple price corrections in the last few months,” he added.
Net profit reported was Rs 302 crore, as against Rs 381 crores in the same period last fiscal.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
