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Apollo Tyres’ Q1 profits and sales surge

Apollo Tyres’ Q1 profits and sales surge

Apollo Tyres’ net  profit for the quarter ended June 30 surged 185% to close to Rs252 crore on a healthy growth both in India and Europe across product segment.

The company had reported a net profit of Rs 88 crore in the same quarter last year.

Sales rose 30% to around Rs4249 crore in Q1FY18-19 as compared to Rs 3258 crore in Q1 FY17-18.

Indian Operations, backed by a robust performance of the commercial vehicle and passenger car tyre segments, grew 32% to close at Rs 3021 crores, European Operations’ revenue was up 22% to close at Rs 1242 crores, said the company.

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “All our operations have done well in the past quarter, and have reported a good set of numbers. This is a result of planning and investments in capacities, both in India and Europe, in addition to the increasing demand for our products with the OEMs, as well as, in the replacement market. Going forward, our growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India.”

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