Apollo Tyres, a leading tyre manufacturer, has reported a 24% decline in its net profit for the first quarter of the current fiscal year, reaching ₹302 crore. The drop in net profit was attributed to increased raw material costs, higher depreciation, and amortization expenses.
However, the company’s revenue rose by 1.5% to ₹5,942 crore, driven by strong demand for its products in the domestic and international markets. Apollo Tyres’ operating profit margin declined by 250 basis points to 10.4%, due to higher raw material costs and other expenses.
The company’s CEO, Neeraj Kanwar, expressed optimism about the future, citing the company’s strong brand presence, product portfolio, and expansion plans. Apollo Tyres is investing in new technologies and capacity expansion to drive growth and improve profitability.
The company’s share price fell by 2% on the Bombay Stock Exchange following the announcement of its Q1 results, reflecting investor concerns about the decline in net profit. However, the company’s long-term growth prospects and strategic initiatives are expected to support its performance in the future.
Apollo Tyres is a prominent tire manufacturer known for producing a wide range of high-quality tires for various vehicles, including cars, trucks, and motorcycles. The company has established a strong presence in both domestic and international markets, driven by its commitment to innovation, performance, and sustainability.
Apollo Tyres is recognized for its advanced technology in tire design and manufacturing, which contributes to improved safety and fuel efficiency. The company’s focus on research and development, along with strategic global partnerships, supports its ongoing efforts to deliver reliable and cutting-edge tire solutions to customers around the world.
