Apollo Tyres reports 24% lower profit in Q1 2024/5

The Board of Directors of Apollo Tyres Ltd has approved the company’s unaudited results for the first quarter of the financial year 2024-25.

For the quarter ended 30 June 2024, Apollo Tyres Ltd, on a consolidated basis, reported a revenue of Rs 63.35 billion (£590.70 million), as against Rs 62.45 billion in the same quarter last year. Operating profit amounted to Rs 9.09 billion (£84.68 million), down 13.5 per cent from a year earlier. Net profit for the quarter closed at Rs 3.02 billion (£28.14 million), decreasing 23.9 per cent on the Rs 3.97 billion achieved in the same period of the last fiscal year.

Apollo Tyres shares that its Indian operations reported steady growth in revenue, while European operations performed well under challenging conditions in what is traditionally one of their seasonally lower quarters.

“Firstly, I would like to compliment the teams who have helped retain the Silver Rating in the annual EcoVadis Sustainability Assessment, a true reflection of our Sustainability journey,” comments Onkar Kanwar, chairman of Apollo Tyres Ltd. “Coming to our quarterly performance, the replacement and exports from India have witnessed a good growth, and we expect the same to continue in the coming quarters as well. Europe continues to perform well under current market conditions.”