Apollo Tyres reported a profit of Rs 142 crore on the net sales of Rs 4272 crore, on a consolidated level, for the quarter ended June 30, 2019. The net sales remained positive aided by growth in the replacement segment, both in commercial vehicle and passenger vehicle segment in India. While Indian Operations’ revenue was up one percent at Rs 3044 crore, European Operations’ revenue also grew five percent during the quarter.
Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “Our teams have lived to the true ‘unstoppable’ spirit in the past quarter, and have bucked the trend in the automotive sector by posting positive sales numbers, despite the headwinds, especially in the Indian market. While the demand from the automakers remained subdued, there was growth in the replacement market segment. Moving ahead, I am hopeful of the markets recovering and the sales bouncing back around the festive season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well.”
Earnings before interest, tax, depreciation and amortization (EBITDA) was down 12 percent at Rs 475 crore against Rs 539.4 crore. The margin was at 11 percent against 12.5 percent, YoY. Depreciation for the quarter stood at Rs 267.3 crore, while tax expense was at Rs 35.1 crore, a company report said.