Apollo Tyres jumps over 6% as Q2 PAT increases 11% to Rs 194 crore

Shares of tyre manufacturing company Apollo Tyres rallied over 6% to Rs 303.4 in Tuesday’s intraday session as its consolidated net profit increased by 11% to Rs 194 crore in the second quarter of FY23, riding on the back of robust sales in domestic as well as international markets.

The tyre major had reported a profit of Rs 174 crore in the July-September period of the last fiscal.

During the quarter under review, revenue from operations was up 17% to close at Rs 5,956 crore against Rs 5,077 crore in the year-ago period, Apollo Tyres said in a statement.


"We continued with our resolve towards profitable growth, despite the headwinds. Our cost control measures, and timely pricing actions, have helped maintain our profitability in a quarter where the raw material prices were at their peak," Apollo Tyres Chairman Onkar Kanwar said in a statement.

While the demand situation in India remained subdued, in Europe, the company's growth was better than the market, he added.

"With raw material prices tapering off, there is some respite going forward," Kanwar said.

At 9.55 am, the scrip was trading 4.17% higher at Rs 297.45. The counter has also risen 41% in the last six months, while it has surged 35% year-to-date