Apollo Tyres Q1 Net Profit Down 24% to Rs 302 Cr

New Delhi, Aug 7 (PTI) Apollo Tyres on Wednesday said its consolidated net profit declined by 24 per cent to Rs 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost.

The company had reported a net profit of Rs 397 crore in the April-June quarter of the last fiscal.

Revenue from operations for the quarter under review stood at Rs 6,335 crore, as against Rs 6,245 crore in the year-ago period, Apollo Tyres said in a statement.

"Coming to our quarterly performance, the replacement and exports from India have witnessed a good growth, and we expect the same to continue in the coming quarters as well," Apollo Tyres Chairman Onkar Kanwar said.

Europe continues to perform well under current market conditions, he added.

Shares of the tyre-maker on Wednesday ended 1.04 per cent up at Rs 520.75 apiece on the BSE.