Apollo Tyres Q2FY24 Result Update

Apollo Tyres, a big tyre company, had a great second quarter this financial year. They did really well because they sold more tyres to both car manufacturers (OEMs) and regular customers replacing their old tyres. They also spent less on materials and managed their prices smartly. They made more money than last year and a bit more than last quarter too.

Their profit (EBITDA) went up a lot because they kept their costs under control and didn’t have to spend as much on materials. Their net profit (PAT) also grew a lot, helped by extra income from other sources.

In India, Apollo Tyres did well, especially because they were efficient and kept costs down. However, they sold fewer tyres abroad compared to last year, but more than the previous quarter. In Europe, they made less money because there were too many tyres in the market and the winter wasn’t that harsh. But they still managed to make a bit more profit there.

Looking ahead, Apollo Tyres is hopeful. They think they’ll sell more tyres in the next few months because exports should get better, car manufacturers will need more tyres, and more people will replace their old tyres. They’re not planning to raise prices much but will focus on being more efficient to manage costs. In Europe, they’re selling more high-end tyres.

The company is careful about not spending too much money and wants to make sure they make good profits. They believe they can keep growing and handle any challenges, thanks to their smart strategies and focus on keeping costs in check. Overall, things look good for Apollo Tyres.