Materials prices dent earnings-growth at Apollo

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…

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