Apollo Tyres Achieves 164% Surge in Q2 FY24 Net Profit

Apollo Tyres Achieves 164% Surge in Q2 FY24 Net Profit

Business |Financials

Apollo Tyres reports an impressive 164% rise in consolidated net profit at Rs 474 crore for Q2 FY24, with revenue and total income showing significant increases of 5%. The company's robust financial performance reflects resilience and sets the stage for future growth.

836 views | Date: November 9, 2023

Gurgaon, India- Apollo Tyres Ltd has just announced its financial results for Q2 FY24, and the numbers are impressive. The company reported a consolidated net profit of Rs 474 crore, marking a remarkable 164% increase from the Rs 179 crore recorded in the same period last year.

In terms of revenue from operations, Q2 FY24 saw a significant uptick, standing at Rs 6,280 crore. This reflects a 5% increase compared to the Rs 5,956 crore reported in the year-ago period. The total income for the quarter also experienced a healthy growth, reaching Rs 6,305 crore, which is 5.7% higher than the Rs 5,963 crore recorded in the year-ago period.

These robust financial figures underscore Apollo Tyres' strong performance and resilience in the market. As the company continues to navigate the dynamic business landscape, these positive results position it well for future growth and success.

In Q2 FY2023-24, Apollo Tyres demonstrated robust performance with a 5% increase in revenue to Rs 6,280 crores, a 63% rise in operating profit to Rs 1,160 crores, and a remarkable 164% surge in net profit, reaching Rs 474 crores.

The half-yearly results (H1 FY 2023-24) continued the positive trend, with a 5% growth in revenue to Rs 12,524 crores, a 58% increase in operating profit to Rs 2,211 crores, and a substantial 144% rise in net profit to Rs 871 crores. Overall, Apollo Tyres has displayed strong financial performance and significant growth in the specified periods.