Buy Apollo Tyres, target price Rs 329: ICICI Direct

ICICI Direct has buy call on Apollo Tyres with a target price of Rs 329. The current market price of Apollo Tyres is Rs 319.5. Time period given by analyst is Intra Day when Apollo Tyres price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 319.9.

Apollo Tyres, incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 20520.11 Crore) operating in Tyres sector.

Apollo Tyres 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 30-09-2022, the company has reported a Consolidated Total Income of Rs 5962.90 Crore, up .17 % from last quarter Total Income of Rs 5952.61 Crore and up 16.78 % from last year same quarter Total Income of Rs 5106.21 Crore. Company has reported net profit after tax of Rs 194.35 Crore in latest quarter.

The company’s top management includes Mr.Onkar S Kanwar, Ms.Lakshmi Puri, Mr.Francesco Gori, Mr.Vinod Rai, GeneralBikram Singh, Mr.Vikram S Mehta, Mr.Robert Steinmetz, Mr.Akshay Chudasama, Mr.Sunam Sarkar, Mrs.Pallavi Shroff, Mr.Francesco Crispino, Mr.Satish Sharma, Mr.Neeraj Kanwar, Mr.Vishal Mahadevia. Company has Walker Chandiok & Co. LLP as its auditors. As on 30-09-2022, the company has a total of 64 Crore shares outstanding.

Investment Rationale
Stock in strong up trend, buying demand emerging after a higher base at the 10 daysEMA and the recent range breakout area is signaling extension of the up move, noted the brokerage.

Promoter/FII Holdings
Promoters held 37.34 per cent stake in the company as of September2022 quarter, while FIIs owned 0 per cent, DIIs 17.74 per cent.