Apollo Tyres reports 58% profit growth for first half

Gurugram, India – Apollo Tyres has reported strong gains both for the first half and the second quarter of its financial year 2023-24, started 1 April.

The Indian group reported a 63% year-on-year increase in operating profit to INR 11.6 billion (€129 million) for the second quarter of the year, on 5% higher sales of nearly INR63 billion.

For the first half, profits were up 58% at INR22.1 billion, on 5% higher sales of INR125 billion, the tire maker reported 7 Nov.

Apollo said its operations reported positive revenue growth, especially in India, during the period.

“And we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future,” said Onkar Kanwar, chairman, Apollo Tyres Ltd.