Apollo Tyres on Wednesday reported a consolidated net profit of ₹142 crore for the first quarter ended June 30, down 44 per cent year-on-year (YoY) compared with ₹252 crore in the same period last year.
Its revenue rose marginally with net sales at ₹4,272 crore (₹4,249 crore). The growth was aided by the replacement segment, both in commercial and passenger vehicles.
While revenues in its Indian operations rose 1 per cent to ₹3,044 crore, that in its European operations grew 5 per cent, it 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,” said Apollo Tyres Chairman Onkar S Kanwar.
“Moving ahead, I am hopeful of the markets recovering and the sales bouncing back around the festival season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well,” he added.
Shares of Apollo Tyres closed at ₹157.60 a piece on the BSE on Wednesday, up 5.31 per cent from the previous close.