Gurgaon, India – Raw-materials costs put the brakes on earnings-growth at Apollo Tyres Ltd in the third quarter; but management remains upbeat about full-year prospects.
For the final three months of 2018, Apollo posted a 3% year-on-year rise in earnings (EBITDA) to €68.2 million, on consolidated sales 16% higher at €566.6 million.
By contrast, for the nine months to 31 Dec, earnings grew 33% to €198.1 million, the Indian tire maker also reported 5 Feb.
Sales for the first three quarters of Apollo’s 2019 fiscal year (FY19) came to €566.64, 22.5% higher than in the prior-year period.
Apollo noted double-digit sales growth at its Indian and European operations, both in the third quarter and for the nine months of FY19.