Apollo Tyres' Sales-Up In Q1

The Board of Directors of Apollo Tyres Ltd has approved the company’s unaudited results for the 1st quarter of the financial year 2019-20.

For the quarter ended June 30, 2019, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 142 crores on the net sales of Rs 4272 crores. 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 1% at Rs 3044 crore, European Operations’ revenue also grew 5% during the quarter.

Commenting on the first-quarter results, 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.”