Apollo Tyres reports 32% higher profits for third quarter

Chennai, India – Apollo Tyres Ltd has reported a 32% year-on-year growth in third quarter profits, due in part to the strong performance of its European operations.

For the three months to end of December 2023, the Indian tire maker posted an operating profit of INR12.0 billion (€134 million), up from INR9.1 billion reported the year before. 

Sales for the period were up 4% at just under INR66 billion, announced Apollo 7 Feb. 

For the nine months to end of December, Apollo posted a 48% increase in operating profit to INR34 billion, on 4% higher sales of INR191 billion. 

Commenting on the company’s performance, chairman Onkar Kanwar said Apollo’s European operations had “outperformed the market once again in the past quarter”. 

Additionally, Kanwar said the company was seeing “further signs of recovery in the overall European market,” which he said is “a huge positive” for Apollo. 

The company leader also linked growth to “improved product and market mix across geographies, along with stable raw material prices.”