VMI

By TT news| Aug 06, 2020

Apollo Tyres sales, profit plunge in Q1FY20-21

Covid -19 hit hard to Apollo Tyres in the first quartered of FY20- 21, ended June 30,2020.

Apollo Tyres reported a net loss of Rs135 crore in the April-June quarter FY20-21.

The company had reported a net profit Rs142 crore in the same period of last year.

Net sales declined to Rs 2828 crore in Q1FY20-21 from Rs4272 crore in Q1FY19-20.

Apollo Tyres said 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.

Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “The teams across geographies have shown tremendous resilience amidst the pandemic and have adopted 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, 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.”

 

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