Apollo Tyres’ profits dip amid ‘challenging’ European market

Chennai, India – Apollo Tyres Ltd has reported a decline in first quarter operating profit, as its European sales fell below prior-year levels.

Operating profit for the three months to 30 June declined 13.5% year-on-year to INR9 billion, on 14.5% higher sales of INR63 billion, the Indian tire said 7 Aug.

While Apollo's India-based operations saw “a steady growth in revenue”, in Europe the group encountered 'challenging conditions in traditionally one of seasonally lower quarters.’

The replacement market and exports from India witnessed “good growth,” with a similar trend expected to continue in coming quarters, noted chairman Onkar Kanwar.

Europe, according to the Apollo Tyres leader, “continues to perform well under current market conditions.”