Companies

Apollo Tyres Q1 net profit down 56% sequentially

Our Bureau New Delhi | Updated on August 04, 2021

But net profit grew on a year-on-year basis

Apollo Tyres on Wednesday reported a consolidated net profit of ₹128 crore for the quarter ended June 30. This was down 56 per cent on a sequential basis over the net profit of ₹289 crore recorded in the fourth quarter ended March 31, 2021.

However, on a year-on-year (YoY) basis, the net profit grew. The company posted a net loss of ₹135 crore in April-June 2020.

Consolidated revenue from operations declined 9 per cent on sequential basis to ₹4,584 crore during the quarter in review, compared to ₹5,026 crore in the previous quarter. But, on a YoY basis it rose 59 per cent against ₹2,882 crore in the corresponding period last year.

“We have adopted to the new way of working amidst the pandemic. We were better prepared in the second wave, as compared to the first wave in quarter one last fiscal. The performance reflects the resilience of the company, even as the employees across geographies worked like ‘One Family’ to help each other in the times of crisis,” Onkar Kanwar, Chairman, Apollo Tyres Ltd, said.

With the improving business sentiment and demand for its products, the company was optimistic of continuing with better performance across geographies, he said.

Shares of Apollo Tyres closed at ₹225.50 apiece on the BSE on Wednesday, down 1.76 per cent from the previous close.

Published on August 04, 2021

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