Apollo Tyres Q1 Review - Long Term Investment Thesis Intact: ICICI Direct

The Apollo Tyres Ltd. logo is displayed on an Acelere Maxx tire at the company's Apollo Super Zone retail outlet in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Apollo Tyres Q1 Review - Long Term Investment Thesis Intact: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Apollo Tyres Ltd. posted a mixed performance in Q1 FY22.

Healthy consolidated revenue performance comprised 11.3% decline in Asia Pacific, Middle East and Africa region (largely India) and flat Europe revenues.

Gross margin depletion of 236 basis points QoQ led to sequential decline in Ebitda margins.

Steep ~440 bps gross margin decline in standalone operations came as a negative surprise.

Apollo Tyres' consolidated profit after tax was down 55.5% QoQ to Rs 128 crore.

Click on the attachment to read the full report:

ICICI Direct Apollo Tyres Q1FY22 Result Update.pdf

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