Apollo Tyres Q1 net profit jumps to ₹397 crore on lower costs

livemint.com:

Apollo Tyres Thursday said its consolidated net profit jumped two-fold to ₹397 crore for the June quarter against ₹177 crore in the corresponding period last year. The company reported a bigger-than-expected rise in quarterly profit, boosted by lower rubber costs and robust domestic auto sales across markets. Revenue from operations for the quarter increased 5% to close at ₹6,245 crore in the June quarter, as against ₹5,942 crore in the year-ago period, the company said in a statement.

The company reported net sales at ₹6,244.58 crore in June 2023 up 5.09% from ₹5,942.00 crore in June 2022. The raw materials costs dropped 15.5% during the quarter, while revenue from operations rose 5.1% to ₹6245 crore, the company said in a statement The EBITDA stands at ₹1,086.99 crore in June 2023 up 55.19% from ₹700.42 crore in June 2022. "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," Apollo Tyres Chairman Onkar Kanwar said. This, along with stable input costs, has resulted in better margins in the past quarter, he added. The company further said “General Bikram Singh will cease to be the Director with effect from the close of business hours on August 10, 2023 consequent to end of his second term as an Independent Director.

The company in its regulatory filing said it has carried out an employee re-organisation exercise for its employees. The full and final amount paid to the employees who opted for this scheme aggregated to Rs. 131 98 Million for the quarter ended June 30, 2023, has been disclosed as an