Apollo Tyres Ltd.’s consolidated revenue for the third quarter (October to December) grew 16% and closed at Rs. 4,655 crores. Sales for the nine months (April to December) of FY19 was up 22.5% to close at Rs. 13,097 crores.
The company registered double-digit growth both in the Indian and European operations in the third quarter and for the nine months of FY19. Net profit was at Rs. 198 crores as compared to Rs. 245 crores.
Commenting on the company’s performance in the third quarter, Mr. Onkar S. Kanwar, Chairman, Apollo Tyres Ltd., said: “While our volumes have increased across segments and geographies, the margins were impacted due to the lag effect of the increase in raw material prices, especially crude-based ones, in the previous quarters. Comparatively, this quarter looks better, as raw material prices have eased to some extent. In the current quarter, we are already witnessing an uptick in demand, and are hopeful of reporting a healthy growth.”