Apollo Tyres Q1 Results: Net profit increased over two-fold to Rs 397 crore

Apollo Tyres Ltd, a manufacturer of tyres, reported on Thursday that strong sales across markets had caused its consolidated net profit for the first quarter that ended June 30, 2023, to more than double to Rs 397 crore.

According to a regulatory filing by the company, Apollo Tyres reported a net profit of Rs 177.3 crore in the comparable period last year.

The total revenue for the quarter was Rs 6,244.5 crore, an increase of 5.1% from Rs 5,942 crore in the equivalent period of the previous fiscal.

EBITDA increased by 52.4% to Rs 1,051.3 crore in the first quarter of this fiscal year compared to Rs 689.8 crore in the same time last year.

EBITDA margin increased to 16.8% in the reporting quarter from 11.6 percent in the same period of the previous fiscal year. 

The results were announced after the market had closed.

Source: Media Reports