For the quarter ended September 30, 2020, Apollo Tyres, on a consolidated level, registered sales of Rs. 4,234 crore, an increase of 8% of the same period last fiscal, while the net profit reported was Rs. 200 crore. For the first half of the year, the company posted a profit of Rs. 65 crore on sales of Rs. 7,062 crore.
The demand recovery has continued to be extremely positive for the company with growth being reported in India, and a flattish top-line in Europe, despite the challenging environment. The highlights of the quarterly (Q2 FY 2020-21 versus Q2 FY 2019-20) consolidated performance highlights include:
- Net sales up 8% to close at Rs. 4,234 crore as against Rs. 3,926 crore in Q2 FY20.
- Operating profit reported was Rs. 733 crore as against Rs. 436 crore.
- Net profit for Q2 of FY21 stood at Rs. 200 crore as against Rs. 83 crore in the same period last fiscal.
The half yearly (H1 FY 2020-21 versus H1 FY 2019-20) consolidated performance highlights include:
- Net sales reported amounted to Rs. 7,062 crore as against Rs. 8,198 crore.
- Operating profit was up 6% to close at Rs. 997 crore as against Rs. 938 crore.
- Net profit for H1 closed at Rs 65 crore as against Rs. 225 crore in the same period last fiscal.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd., said: “Apollo Tyres’ family stands firmly in these challenging times with a steely determination to move ahead in uncharted waters. In India, we have reported our best ever volumes in the truck-bus and passenger car tyre categories in the replacement market and have expanded our distribution footprint. In Europe, we have gained market share in UHP and UUHP passenger car tyre segments, in addition to securing podium positions in independent test results. While there is uncertainty around the pandemic, we continue to see healthy demand momentum on ground.”