Apollo Tyres Q3 PAT soars 78% YoY to Rs 497 cr

Apollo Tyres consolidated net profit jumped 78.14% to Rs 496.63 crore in Q3 FY24 as compared with Rs 278.79 crore in Q3 FY23.

Revenue from operations rose 2.69% year on year (YoY) to Rs 6,595.37 crore in the quarter ended 31 December 2023.

Profit before exceptional items and tax stood at Rs 735.89 crore in Q3 FY24, up 73.67% from Rs 423.73 crore posted in corresponding quarter previous year. The firm reported an exceptional loss of Rs 15.10 crore during the third quarter of FY24.

During the quarter, total expenses fell 2.13% YoY to Rs 5,877.93 crore. Cost of materials consumed stood at Rs 2884.63 crore (down 3.6% YoY) while employee benefit expenses was at Rs 766.91 crore (up 14.06%) during the period under review.

On nine-month basis, the company's consolidated net profit surged 115.21% to Rs 1,367.79 crore on 4.36% rise in net sales to Rs 19,119.51 crore in 9M FY24 over 9M FY23.

Apollo Tyres principal business activity is manufacturing and sale of automotive tyres.

Shares of Apollo Tyres declined 1.78% to Rs 542.40 on the BSE. The counter hit a 52 week high of Rs 559.85 in todays intraday session.

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