Apollo Tyres

The company is collaborating with research institutions to develop innovative, bio-based materials for tyre production

Apollo Tyres on Wednesday said its consolidated profit after tax declined 37 per cent to Rs 297 crore in the September 2024 quarter, hit by tepid demand in the domestic market and an increase in raw material prices. The tyre maker posted a Profit After Tax (PAT) of Rs 474 crore in the July-September quarter of last fiscal. Revenue from operations stood at Rs 6,437 crore in the second quarter against Rs 6,280 crore in the year-ago period, Apollo Tyres said in a statement. "We witnessed a weak demand scenario in the OEM (Original Equipment Manufacturer) segment in our largest market -- India, which negated the strong growth in the replacement segment," Apollo Tyres Chairman Onkar Kanwar stated. In Europe, the company saw positive revenue growth in the passenger vehicle segment, which is the largest segment for Apollo in that geography, he added. "Unprecedented increases in raw material prices have impacted our profitability," Kanwar noted. The company said its board approved the ra

NTPC is displaying a strong uptrend, characterised by a steady pattern of higher highs and higher lows.

Apollo Tyres has recently experienced a notable decrease from its peak of 568 to approximately 200 SMA on the daily time frame chart.

Apollo Tyres has retested its breakout level on the daily chart with higher than average buying volumes indicating bullish sentiment

Apollo Tyres on Wednesday said its consolidated net profit declined by 24 per cent to Rs 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost. The company had reported a net profit of Rs 397 crore in the April-June quarter of the last fiscal. Revenue from operations for the quarter under review stood at Rs 6,335 crore, as against Rs 6,245 crore in the year-ago period, Apollo Tyres said in a statement. "Coming to our quarterly performance, the replacement and exports from India have witnessed a good growth, and we expect the same to continue in the coming quarters as well," Apollo Tyres Chairman Onkar Kanwar said. Europe continues to perform well under current market conditions, he added. Shares of the tyre-maker on Wednesday ended 1.04 per cent up at Rs 520.75 apiece on the BSE.

The 14 period RSI indicator has turned up from the centreline which indicates upward momentum and the Marico stock has space to move up.

According to media reports, domestic tyre companies have undertaken a price hike in response to a rise in key raw material prices (primarily natural rubber).

Markets edged higher as expected, gaining over half a percent. After a flat start, the Nifty gradually climbed throughout the session and closed near the day's high at 23,868.80

Apollo Tyres block deal: As per reports, PE firm Warburg Pincus was looking to sell 3.5 per cent stake in Apollo Tyres

European markets closed on a negative note, with Germany's DAX falling 0.22 per cent and the UK's FTSE dropping 0.09 per cent

Crude prices, which hovered around $88 to 90 over the past three months, represent a 6 to 8 per cent increase from the previous quarter, adding further strain on manufacturers' margins

Apollo Tyres, which manufactures tyres for Maruti Suzuki , Mahindra and Mahindra and TVS Motor Company Ltd among others, is one of the major players in the sector

Domestic tyre sale volumes are expected to see a moderate growth of 4-6 per cent this fiscal after witnessing an estimated pace of 6-8 per cent in the previous financial year, ratings agency Icra said on Thursday. This growth in the last fiscal was driven by factors such as elevated base and subdued growth in the commercial vehicle (CV) segment, it said. However, Icra anticipates domestic demand from original equipment manufacturers (OEMs) in certain consumer segments like PV (passenger vehicle) and two-wheeler as well as for replacement to remain healthy, supporting overall tyre volume expansion in FY25. While revenues are likely to expand by 5-7 per cent this fiscal, high natural rubber prices and increasing crude prices are likely to moderate the tyre industry's margins by 200-300 basis points (bps) in FY25, Icra said. The rating agency also said it expects the replacement market, which contributes to over two-thirds of the industry volumes, to remain stable, aided by healthy ..

Apollo Tyres Ltd on Tuesday said it has received tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu over availing of input tax credit and other issues. The Deputy Commissioner (CT), Tamil Nadu has passed an order under GST Act demanding GST and levying consequential penalty of Rs 2.06 crore, Apollo Tyres said in a regulatory filing. The matter is a dispute regarding availment of ITC and other issues, it added. "The company will file appeal before appellate authority in due course," Apollo Tyres said, adding that there is no material impact on its financial, operation or other activities due to the issue.

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Consolidated pre-tax profit before exceptional items was Rs 736 crore (around $89 mn) in the quarter ended Dec 31, compared with Rs 424 crore a year earlier

Tread with caution: Any discount/price cut in the replacement market could offset margin gains

The key buyers included Nippon India Mutual Fund, ICICI Prudential Mutual Fund, and Edelweiss Mutual Fund, among others