Apollo Tyres Reports 13% Drop in Q2 Profit Amidst European Restructuring

Apollo Tyres reported a 13% decline in consolidated profit after tax to Rs 258 crore for Q2, impacted by restructuring provisions for its Netherlands plant. Despite this, revenue increased to Rs 6,831 crore. The company plans to raise Rs 1,000 crore through Non-Convertible Debentures.

Apollo Tyres has announced a significant 13% dip in its consolidated profit after tax, amounting to Rs 258 crore in the September quarter. The decline was attributed to a Rs 176 crore provision for restructuring its Netherlands-based plant.

Despite the profit slump, the company's revenue from operations climbed to Rs 6,831 crore. This growth was spurred by favorable monsoon conditions and Indian governmental initiatives aimed at boosting the rural economy, according to Chairman Onkar Kanwar.

Additionally, the board has approved a plan to raise up to Rs 1,000 crore through the issuance of Non-Convertible Debentures, leveraging private placement in one or more tranches.

(With inputs from agencies.)