Shares of tyre maker Apollo Tyres fell as a lot as 7.37 per cent to hit an intraday low of Rs 204.70 regardless of it reported a bounce of 268 per cent in web revenue in quarter ended March 2021. Apollo Tyres consolidated web revenue got here in at Rs 289 crore in contrast with Rs 78 crore within the corresponding interval final yr. Its gross sales jumped 39 per cent to Rs 4,927 crore in contrast with Rs 3,551 crore in the identical quarter final yr.
Apollo Tyres working revenue or earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) superior 70 per cent to Rs 815 crore and its working revenue margin rose 290 foundation factors to 16.2 per cent through the quarter.
Its India enterprise witnessed greatest ever quarter when it comes to gross sales, surpassing final excessive achieved within the third quarter of economic yr 2021. “Performance was driven by strong volume growth across channels – OEM, Replacement and Exports during the quarter. Almost all product segments posted double digit volume growth,” Apollo Tyres stated in an investor presentation.
Apollo Tyres European enterprise noticed respectable restoration through the quarter and gained market share in passenger automotive & mild truck (PCLT) tyres and truck and bus radial (TBR) tyres, the corporate stated.
Apollo Tyres expanded its distribution footprint to over 550 sellers in FY21 and contact factors in rural India elevated by greater than 4 occasions.
As of 12:03 pm, Apollo Tyres shares traded 7.2 per cent decrease at Rs 205, underperforming the Sensex which was down 0.Three per cent.