Apollo Tyres Ltd.(NSE: APOLLOTYRE)|Q3 FY23 Results Out|Total Income rises 12% yoy

Apollo Tyres(NSE: APOLLOTYRE) is an Indian multinational tyre manufacturing company, with a strong global presence. The company’s key segments, Indian Tyre and International Tyre, both saw growth in revenue and profitability during the quarter. The company is focused on expanding its footprint in key markets through investment in new capacities, product launches and strategic partnerships.

Apollo Tyres announced that its consolidated net profit rose by 30% to reach Rs 292 crore in the quarter ending December, due to strong sales in the domestic market. The company’s net profit was reported as Rs 224 crore in the same quarter the previous year. Additionally, the company saw a 13% increase in its revenue from operations, reaching Rs 6,423 crore, compared to Rs 5,707 crore in the same quarter of the previous fiscal year.

Growth across both India & Europe operations driven by sharp execution, price increases and strong volume growth in Europe YoY decline in Operating margins on the back of steep increase in RM costs, constrained OEM demand and Agri demand weakness QoQ improvement in operating margins as continued strong operating performance in Europe negated weakness in India operating performance.