Buy Apollo Tyres, target price Rs 280: Religare Broking

Religare Broking has buy call on Apollo Tyres with a target price of Rs 280. The current market price of Apollo Tyres Ltd. is Rs 254.35.

Apollo Tyres Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 16169.67 Crore) operating in Tyres sector.

Apollo Tyres Ltd. key Products/Revenue Segments include Tyres, Tubes & Flaps, Other Operating Revenue and Scrap for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 5952.61 Crore, up 6.00 % from last quarter Total Income of Rs 5615.49 Crore and up 28.71 % from last year same quarter Total Income of Rs 4624.92 Crore. Company reported net profit after tax of Rs 190.65 Crore in latest quarter.

Investment Rationale
Noticeable traction in auto ancillary and related stocks. Apollo Tyre trading in sync with the move.

Promoter/FII Holdings
Promoters held 37.34 per cent stake in the company as of 30-Jun-2022, while FIIs owned 24.72 per cent, DIIs 13.46 per cent.