In comparison to the ₹179 crore recorded in the same period last year, Apollo Tyres declared a consolidated net profit of ₹474 crore for the quarter that ended in September 2023, a 164 percent increase.
Comparatively speaking, the net profit rose by 19.5% from the ₹397 crore recorded in the quarter that concluded in June 2023.
The company’s operating revenue in Q2FY24 was ₹6,280 crore, which was 5% more than the ₹5,956 crore it brought in during the same period last year.
In comparison to the ₹6,245 crore reported in Q1FY24, the revenue from operations increased slightly on a quarter-over-quarter basis by 0.5 percent.
With ₹4,473 crore in sales, the APMEA (Asia Pacific, Middle East, and Africa) market had the greatest revenue segment, followed by the Europe market with ₹1,819 crore.
In Q2FY24, overall expenses came to ₹5,613 crore, a marginal decrease from ₹5,691 crore and ₹5,725 crore in the same period last year.
The total income for the second quarter of the year was ₹6,305 crore, which was 5.7% more than the ₹5,963 crore earned during the same period last year. The entire income for the April-June quarter was ₹6,280 crore, somewhat less than the previous year.
Analysts predict that the third quarter, which is known for its many festivals, will see a spike in the revenue recorded by automakers and vehicle accessories. They also mentioned that this time frame would mark the beginning of the following farming season, which would raise demand for new tyres.
Remarkably, Q2FY24 net profit for Apollo Tyres’ competitors MRF Tyres increased fivefold to ₹572 crore, according to statistics released on November 3.
The share price of Apollo Tyres closed at ₹385.3 on the BSE during the November 7 trading session, a 2 percent decrease from the closing price of the day before.
Read More: Click Here