Apollo Tyres Q2 net profit jumps 164% to Rs 6,280 cr
Gurugram: Apollo Tyres Ltd Wednesday reported a net profit of Rs 474 crores for the quarter ended September 30, 2023, up 164%, as against Rs 179 crores in the same period last fiscal.
The company reported a consolidated revenue of Rs 6,280 crores in the quarter ended September 30, 2023, an increase of 5% over the same period last fiscal.
For the six months of the fiscal (April – September), the company reported a revenue of Rs 12,524 crores, an increase of 5% over the same period last fiscal.
Positive revenue growth was reported, especially from Indian Operations, in the second quarter, and in the first half of the fiscal year.
Revenue from operations was up 5% to close at Rs 6280 crores, as against Rs 5,956 crores in Q2 FY23
Operating profit reported was up 63% at Rs 1,160 crores, as against Rs 712 crores.
Revenue from operations was up 5% to close at Rs 12,524 crores, as against Rs 11,898 crores in H1 FY23.
Operating profit reported was Rs 2,211 crores, up 58%, as against Rs 1,402 crores.
Net profit was up 144% to close at Rs 871 crores, as against Rs 357 crores in the same period last fiscal.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision. Our Operations have experienced positive revenue growth, and we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future.”
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