Muted volumes in India may put Apollo Tyres' revenue growth on slow gear

Weak demand from domestic auto makers dented Apollo Tyres’ September quarter performance. The firm posted lower-than-estimated revenues at Rs 3,926 crore, down 6 per cent year-on-year. India operations, which accounted for 70 per cent of consolidated revenues, dropped 11 per cent.

This was driven by a 12.5 per cent fall in volumes, especially in the commercial vehicle (CV) segment (down 14 per cent), which was hit the hardest among all auto segments.

The firm’s supply to passenger vehicles also registered a decline of 11 per cent. What helped restrict the decline was the higher quantum of replacement and exports.

The share of replacement