Apollo Tyres Q2 Review - Well Placed To Leverage Commercial, Passenger Vehicle Upcycle: Dolat Capital
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Dolat Capital Report
Apollo Tyres Ltd.'s Q2 FY22 numbers were broadly in line estimates, margin pressure on India business was partially offset by improvement in margin of overseas business.
Ebitda fell 8% YoY to Rs 6.38 billion with margin at 12.6% (up 20 basis points QoQ).
Domestic EBIT margin stood at 5.6% while Europe EBIT came in at 5.29%.
Apollo Tyres management stated that current demand momentum is strong in both domestic and European markets and expected to continue in the medium term.
Moreover, strong revenue growth in export (South America, Middle East, ASEAN) would also aid revenue growth.
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