Apollo Tyres sees strong growth in Q2 FY2021, net profit at Rs 200 crore

Leading tyre maker Apollo Tyres has announced its financial result for Q2 FY2021, reporting sales of Rs 4,234 crore, an increase of 8% of the same period last fiscal, while net profit grew by 141 percent YoY at Rs 200 crore.

Apollo Tyres says the demand recovery has continued to be extremely positive for the company, with growth being reported in India, and a flattish top line in Europe, despite the challenging environment.

Commenting on the company’s performance Onkar S Kanwar, chairman, Apollo Tyres said, “Apollo Tyres family stands firmly in these challenging times, with a steely determination to move ahead in the uncharted waters. In India, we have reported our best-ever volumes in the truck-bus and passenger car tyre categories in the replacement market and have expanded our distribution footprint. In Europe, we have gained market share in UHP and UUHP passenger car tyre segments, in addition to securing podium positions in independent test results. While there is uncertainty around Covid-19, we continue to see healthy demand momentum on ground.”