Apollo Tyres reports a significant jump in net profit to ₹348.87 crore for June quarter, buoyed by strong demand and a low comparison base, despite a recent board shuffle and ongoing economic worries.
Apollo Tyres reported a sharp rise in consolidated net profit to ₹348.87 crore for the quarter ended June 30, helped by a weak comparison base and stronger demand across its business lines. The company had earned just ₹12.88 crore a year earlier, when results were hit by a post-tax charge of ₹273 crore linked to restructuring and impairment at its Netherlands plant, according to its regulatory filing.
Revenue from operations increased to ₹7,397.79 crore from ₹6,560.76 crore a year earlier, while total expenses climbed to ₹7,012.03 crore from ₹6,171.15 crore. Chairman Onkar Kanwar said the group posted healthy revenue growth, supported by robust demand and high capacity use across its manufacturing network.
Kanwar added that Apollo Tyres was watching the broader economic backdrop closely but believed it was well placed to seize growth opportunities while focusing on value creation. The company has also begun the search for a new chief financial officer after Gaurav Kumar resigned from the post and from the board.
The latest update comes after a run of broadly stronger trading for the tyre maker. Apollo Tyres said in earlier results that profitable growth in India and solid momentum in the aftermarket supported its performance, while industry reporting has pointed to gains across India and Europe in recent quarters.
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