Apollo Tyre’s Q3 FY 18 revenue crosses Rs 40 billion; a first
The October-December third-quarter revenue of Apollo Tyres has crossed Rs 40 billion mark for the first time in a quarter. The tyremaker has reported that Q3 revenue grew 17% to Rs 40.15 billion. The Net Sales for the nine months (April to December) of FY18 was up 9% to close at Rs 106.92 billion. The company has posted double-digit growth in the India and European operations in the third quarter. Net profit for the period is at Rs 2.45 billion, as compared to Rs 2.96 billion year-on-year.
“We have witnessed healthy growth across our operations, and this trend is likely to continue in the coming quarters as well, with our expansion projects coming on stream. While there was growth across all product categories in India, it was primarily led by truck radials. The increase in customs duty for the truck radials, announced in the Union Budget, will further boost our sales of commercial vehicle tyres in India. The raw material costs in the third quarter were significantly higher than the previous year,” said Onkar S Kanwar, Chairman, Apollo Tyres.