Apollo Tyres' Profit Falls by 32% Amid Rising Costs

Apollo Tyres Ltd reported a 32% decline in consolidated net profit to Rs 337 crore for the December quarter, impacted by high raw material costs. Despite tough market conditions, the company performed well in key segments, though the sluggish OE sector hindered overall performance.

Apollo Tyres Ltd revealed a significant downturn with its net profit falling by 32% to Rs 337 crore in the December quarter, the company announced on Thursday.

This decline, compared to Rs 497 crore in the same quarter of the previous fiscal, was largely attributed to soaring raw material costs.

While consolidated revenue rose to Rs 6,927.95 crore from Rs 6,595.37 crore, increased expenses and material costs impacted profitability.

Chairman Onkar Kanwar noted strong performance in India's passenger and commercial vehicle replacement markets despite challenges, while sluggish OE sector growth affected results.