Apollo Tyres Q3 results: Net profit declines 50% to Rs 224 cr

New Delhi: Gurugram-based Apollo Tyres Wednesday reported a 49.5% decline in consolidated net profit at Rs 224 crore for the third quarter ended Dec 31, 2021.

The company had posted net profit of Rs 444 crore in the corresponding period of the last financial year.

Revenues from operations, however, increased 10% to Rs 5,707 crore as against Rs 5,195 crore in the third quarter of FY21, Apollo Tyres said in a statement. Operating profit in the period under rewrite stood Rs 743 crores, as against Rs 1030 crores in the year-ago period.


Apollo Tyres Chairman Onkar Kanwar, Chairman said, “Despite the headwinds, we have seen a healthy growth in the third quarter, contributed by a strong performance in the European operations and exports out of India.”

“Considering the cost inflation, which is likely to continue in the near term, we intend to take further pricing actions at the opportune time, along with other cost control measures”, he added.

Kanwar said the company will continue to expand its product range and footprint across key markets, to align with the robust demand momentum going forward.