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Apollo Tyres up 7% after Q1 profit rises 49% aided by robust demand across segments

Apollo Tyres up 7% after Q1 profit rises 49% aided by robust demand across segments

Apollo Tyres up 7% after Q1 profit rises 49% aided by robust demand across segments
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By CNBCTV18.com Aug 16, 2022 11:43:04 AM IST (Updated)

Apollo Tyre's revenue from operations for the April-June quarter stood at Rs 5,942 crore, a 29.6 percent jump from Rs Rs 4,584.47 crore in the corresponding period last year.

Shares of Apollo Tyres climbed nearly 7 percent after the company reported a 49 percent surge in its consolidated net profit for the April-June quarter riding on high sales. The tyre makers' net profit for the April-June quarter stood at Rs 190.68 crore as compared to Rs 127.78 crore in the corresponding period last year.

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AT 10:21 am shares of Apollo Tyres were trading at Rs 251.35, a 6.72 percent increase from the previous close on the BSE.
Apollo Tyres' revenue from operations for the April-June quarter stood at Rs 5,942 crore, a 29.6 percent jump from Rs Rs 4,584.47 crore in the corresponding period last year.
Total expenses jumped 28.08 percent and stood at Rs 5,714.18 crore in the quarter ended June 2022. Cost of materials consumed was at Rs 3405.47 crore, a jump of 44.5 percent on a year-on-year basis and employee expenses went down by 1.2 percent and stood at Rs 645.27 crore for the April-June quarter.
Compared to the same period last year, revenues from operations in Indian and European operations increased by 38 percent and 14 percent, respectively, the company said in a regulatory filing.
"Both, Indian and European Operations have done well during the past quarter and reported strong topline growth, aided by a healthy demand across segments, especially passenger vehicle tyres. Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1," said, Onkar Kanwar, Chairman, Apollo Tyres.
In addition, the company's board has approved raising Rs 1,000 crore in one or more tranches via non-convertible debentures (NCDs).
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