Apollo Tyres Q1 Review - Raw Material Inflation Hurts Performance: Motilal Oswal
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Motilal Oswal Report
Apollo Tyres Ltd.’s Q1 FY22 operating performance was impacted by higher raw material cost in its India operations as well impact of the transition in its Europe operations.
Demand recovery in India as well as consistent price hikes will drive a margin recovery in India.
Turnaround in its Europe operations and profitability in mid-teens are expected to be structural and sustainable.
Apollo Tyres' consolidated revenue declined by 9% QoQ (up 59.5% YoY) to Rs 45.85 billion. Ebitda fell by 30% QoQ (up 139% YoY) to Rs 5.7 billion.
Adjusted profit after tax declined by 55% QoQ to Rs 1.29 billion.
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