Apollo Tyres Ltd. (ATL) said consolidated net profit for the second quarter ended September rose 12% to ₹194 crore due to cost control measures and timely pricing actions.
Revenue from operations grew 17% to ₹5,956 crore. Indian operations grew upwards of 16%, while European operations rose by more than 30% (in local currency terms), the tyre major said in a statement.
“We continued with our resolve towards profitable growth, despite the headwinds. Our cost control measures and timely pricing actions have helped maintain our profitability in a quarter where the raw material prices were at their peak,” said chairman Onkar Kanwar.
“While the demand situation in India remained subdued, in Europe our growth was better than the market. With raw material prices tapering off, there is some respite going forward,” he said.
