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Apollo Tyres Q2 net profit falls 37 pc to Rs 297 cr

New Delhi, Nov 13 (PTI) Apollo Tyres on Wednesday said its consolidated profit after tax declined 37 per cent to Rs 297 crore in the September 2024 quarter, hit by tepid demand in the domestic market and an increase in raw material prices.
     The tyre maker posted a Profit After Tax (PAT) of Rs 474 crore in the July-September quarter of last fiscal.
     Revenue from operations stood at Rs 6,437 crore in the second quarter against Rs 6,280 crore in the year-ago period, Apollo Tyres said in a statement.
     "We witnessed a weak demand scenario in the OEM (Original Equipment Manufacturer) segment in our largest market -- India, which negated the strong growth in the replacement segment," Apollo Tyres Chairman Onkar Kanwar stated.
     In Europe, the company saw positive revenue growth in the passenger vehicle segment, which is the largest segment for Apollo in that geography, he added.
     "Unprecedented increases in raw material prices have impacted our profitability," Kanwar noted.
     The company said its board approved the raising of funds of up to Rs 1,000 crore by issue of non-convertible debentures, to be allotted in one or more tranches, through private placement.
     Shares of Apollo Tyres settled 3.19 per cent down at Rs 456.35 apiece on the BSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)