Apollo Tyres Firing On All Cylinders In Q3: Dolat Capital
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Dolat Capital Report
Driven by strong growth in replacement markets across segments (up 17% YoY for TBR (truck and bus radial) and up 24% YoY for PCR (passenger car radial), rich product mix and efficient cost control and working capital management, Apollo Tyres Ltd. reported impressive numbers in Q3 FY21.
Ebitda grew 85% YoY to Rs 9.9 billion with expanded margin at 19.2% (up 707 basis points YoY).
The company has gained significant market share across segments (500bps for agriculture, 400bps for PCR and 300bps for T&B) due to its aggressive distribution strategy, new TBR products and ramp up in capacity at Chennai and Andhra Pradesh.
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