Despite the ongoing challenges in the OE (Original Equipment) market segment, Indian-based Apollo Tyres recently released unaudited results for the third quarter and nine months of the financial year 2019-2020, recording sound growth on home ground, especially in the passenger vehicle category.
Quarter 3 Consolidated Performance Highlights
Q3 FY2019-20 (October – December) vs Quarter 3 FY2018-19
· Sales closed at Rs 4347 crores, as against 4655 crores
· EBITDA reported was Rs 551 crores, in comparison to Rs 560 crores
· Net profit closed at Rs 174 crores, as compared to Rs 198 crores in the same period last fiscal
Commenting on the company’s performance, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “The last few quarters have really been challenging, in terms of demand, especially from the OE segment. Despite our good show quarter-on-quarter in the replacement segment in India, overall performance has got impacted due to the sluggishness in demand from OEMs. Our European Operations, on the other hand, continue with their superior performance in the all-season and high-performance segment. With green shoots of recovery visible in India, we are hopeful of closing this fiscal on a positive note.”