Chennai, India – Despite being ‘deeply impacted’ by Covid-19 pandemic, Apollo Tyres has seen a strong recovery in the Indian replacement market in the month of June.
Operating profit for the three months to end of June was almost halved to Rs 2.6 billion (€31 million), on 34% lower sales of Rs 28.2 billion, the Indian tire maker reported 5 Aug. Company reported net loss of Rs 1.3 billion, down from Rs 2.5 billion reported in the first quarter of the previous fiscal year.
In spite of the declines, Apollo said it still recorded its “highest ever sales” in the replacement market in India in the month of June.
In addition, Apollo said its European operations delivered a “better than the industry [average]" performance, despite pandemic-related challenges across different countries.
“While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market,” said chairman Onkar S Kanwar.