Highest ever sales recorded in June in the replacement market in India
The Board of Directors of Apollo Tyres Ltd today approved the company’s unaudited results for the 1st quarter of the financial year 2020-21.
For the quarter ended June 30, 2020, Apollo Tyres Ltd, on a consolidated level, reported a revenue of Rs 2828 crores. While the pandemic deeply impacted the operations across geographies in the quarter under review, the company still recorded its highest ever sales in the replacement market in India in the month of June. The European Operations continued with its better than the industry performance, despite the pandemic related challenges across different countries.
Quarter 1 Consolidated Performance Highlights
Q1 FY2020-21 (April – June) vs Q1 FY2019-20
· Net sales reported was Rs 2828 crores as compared to Rs 4272 crores
· Operating profit closed at Rs 264 crores
· Net loss reported was Rs 135 crores for the first quarter of the fiscal
Commenting on the first-quarter results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “The teams across geographies have shown tremendous resilience amidst the pandemic, and have adapted to the new normal for business continuity. Keeping the Apollo Family safe is our primary concern during these trying times. While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market. While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well.”
Cross Currency Reference Chart for Key Financials:
|Q1 FY21||Rs Crores||Rs Billion||US$ Million||Euro Million|
Enclosed the Financial Result