Apollo Tyres has decided to cut its capital expenditure (capex) by Rs 400 crore this fiscal amid challenging business environment due to the coronavirus pandemic, according to a senior company official.
"Given the overall demand situation, we have cut back on capex to the tune of another Rs 400 crore in 2020-21 to make sure that we are not stressed from a cash flow or a liquidity perspective," Apollo Tyres Chief Financial Officer Gaurav Kumar said in an analyst call.
The company had earlier earmarked a capex of around Rs 1,400-1,500 crore for the domestic operations for the current financial