Apollo Tyres reported 37.27% decline in consolidated net profit to Rs 297.46 crore in Q2 FY25 as against Rs 474.25 crore recorded in Q2 FY24.
However, revenue from operations grew by 2.50% to Rs 6,437.03 crore in the quarter ended 30 September 2024.Profit before exceptional items and tax declined 41.62% YoY to Rs 404.09 crore in Q2 FY25. The firm reported exceptional items of Rs 5.17 crore during the quarter.
EBITDA was at Rs 877.9 crore in the September quarter, registering a decline of 24.3% as against Rs 1,159.8 crore recorded in Q2 FY24. EBITDA margin reduced to 13.6% in the September quarter as compared to 18.5% reported in Q2 FY24.
On half year basis, the companys consolidated net profit fell 31.18% to Rs 599.46 crore in H1 FY25 as compared to Rs 871.16 crore recorded in H1 FY24. However revenue from operations declined 1.97% YoY to Rs 12,771.88 crore in H1 FY25.
Net debt at the end of September 2024 increased by Rs 4.6 billion compared to March 2024. This increase was primarily driven by a rise in short-term borrowings, which was in turn impacted by higher working capital requirements.
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The company stated that it continues to reduce its long-term debt, which decreased by Rs 7.6 billion in September 2024 compared to March 2024.
Apollo Tyres principal business activity is manufacturing and sale of automotive tyres.
The scrip rallied 4.25% to Rs 475.75 on the BSE.
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