Apollo Tyres Limited has posted a loss of ₹135 crore for the first quarter ended June 30, 2020 as against a profit of ₹141.6 crore for the corresponding quarter of previous fiscal.
The company achieved net sales of ₹2,828 crore in Q1 as against ₹4,272 crore in the corresponding quarter of previous year.
While the Covid-19 deeply impacted the operations across geographies in the quarter under review, the company recorded its highest ever sales in the replacement market in India during June. The European Operations continued with its better than the industry performance, despite the pandemic-related challenges across different countries.
Onkar S Kanwar, Chairman, Apollo Tyres Limited, said, “The teams across geographies have shown tremendous resilience amidst the pandemic. While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market. While the uncertainty will continue, I am hopeful of the markets further 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.”