Apollo Tyres Q2 results: Net profit rises 164% to ₹474 crore

livemint.com:

Apollo Tyres posted a consolidated net profit of ₹474 crore in the quarter ending September 2023, which is 164 percent higher as against ₹179 crore reported in the year-ago period. Sequentially, the net profit increased by 19.5 percent from ₹397 crore reported in the quarter ending June 2023. The company's revenue from operations in Q2FY24 came in at ₹6,280 crore, higher by 5 percent as compared to ₹5,956 crore recorded in the year-ago period.

Also Read: Govt issues new guidelines to revitalize domestic tyre industry Quarter-on-quarter, the revenue from operations was up marginally by 0.5 percent as against ₹6,245 crore reported in Q1FY24. Segment-wise, the highest revenue was clocked in the APMEA (Asia Pacific, Middle East and Africa) market at ₹4,473 crore, followed by ₹1,819 crore in the Europe market. The total expenses during Q2FY24 came in at ₹5,613 crore, slightly lower as against ₹5,691 crore in the year-ago period and ₹5,725 crore.

Also Read: MRF profit up fivefold to ₹572 crore in September quarter Total income during the second quarter came in at ₹6,305 crore, higher by 5.7 percent as compared to ₹5,963 crore in the year-ago period. In the April-June period, the total income stood marginally lower at at ₹6,280 crore. According to analysts, the revenue clocked by automobile companies and auto ancillaries is likely to jump in third quarter, which is marked by an array of festivals.

This period would also include the start of the next agricultural season, which in turn would lead to higher demand for tyre replacements, they added. Notably, Apollo Tyres' rivals MRF Tyres recorded a five-fold jump in Q2FY24 net profit to ₹572 crore, as per the results declared on November 3. In the trading session on November 7,