The Board of Directors of Apollo Tyres Ltd has approved the company’s unaudited results for the 1st quarter of the financial year 2020-21.
For the quarter ended June 30, 2020, Apollo Tyres Ltd, on a consolidated level, reported a revenue of US $ 372.83 million. While the pandemic deeply impacted the operations across geographies in the quarter under review, the company still recorded its highest ever sales in the replacement market in India in the month of June. The European Operations continued with its better than the industry performance, despite the pandemic related challenges across different countries.
Commenting on the first quarter results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “The teams across geographies have shown tremendous resilience amidst the pandemic, and have adopted to the new normal for business continuity. Keeping the Apollo Family safe is our primary concern during these trying times. 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, and we will have to find opportunities for growth, 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.”
