The tyre maker's consolidated net profit surged 49.2% to Rs 190.68 crore on 29.6% jump in net sales to Rs 5,942 crore in Q1 FY23 over Q1 FY22.
Consolidated profit before tax stood at Rs 238.46 crore in the quarter ended 30 June 2022, registering a growth of 47.8% to Rs 161.36 crore in recorded in the corresponding quarter previous year.
Total expenses jumped 28.05% year on year to Rs 5,714.18 crore in Q1 FY23. Cost of materials consumed was at Rs 3405.47 crore (up 44.52% YoY) and employee expenses stood at Rs 645.27 crore (down 1.27% YoY).
The company said that both, Indian and European operations performed well, with their revenues from operations increasing 38% and 14% respectively, as compared to the same period last year.
Commenting on the company's performance in the first quarter, Onkar Kanwar, chairman of Apollo Tyres said, Both, Indian and European Operations have done well during the past quarter and reported strong topline growth, aided by the 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.
Meanwhile, the company's board has approved raising Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis in one or more tranches.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.
Shares of Apollo Tyres were up 0.98% to settle at Rs 235.95 on Friday, 12 August 2022.
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