Apollo Tyres on Wednesday said its consolidated net profit increased by 78 per cent to Rs 497 crore for the third quarter of 2023-24 on account of improved product mix across geographies.
Apollo Tyres reports a robust 78% increase in Q3 net profit, reaching Rs 497 crore, driven by a strong product mix and market performance, especially in Europe.
Apollo Tyres on Wednesday said its consolidated net profit increased by 78 per cent to Rs 497 crore for the third quarter of 2023-24 on account of improved product mix across geographies.
The company reported a net profit of Rs 279 crore in the October-December quarter of FY23.
Revenue from operations rose by 3 per cent to Rs 6,595 crore in the period under review from Rs 6,423 crore in the year-ago period.
"Happy to share that our European Operations have outperformed the market once again in the past quarter," Apollo Tyres Chairman Onkar Kanwar said in a statement.
He further said: "Additionally, we are seeing further signs of recovery in the overall European market, which is a huge positive for us."
The company's journey towards higher ROCE and profitable growth continued with improved product and market mix across geographies, along with stable raw material prices, Kanwar noted.