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Apollo Tyres Q1 results: Reports net loss of Rs 135 cr
NEW DELHI: Apollo Tyres about Wednesday reported a pick a net loss of Rs 135 crore for the initial quarter ended June 30, hit by lower income due to coronavirus pandemic.
The tyre maker had claimed a net profit of Rs 142 crore inside the April-June last fiscal.
Net sales during the quarter within review declined to Rs 2,828 crore, by Rs 4,272 crore in the year-ago period, Apollo Tyres said in a affirmation.
“While the first half of the first quarter was virtually a complete washout, our functionality has been excellent since the areas opened up, especially in the replacement market.
“While the uncertainty may continue, and we will have to discover opportunities for growth, My business is hopeful of the markets more recovering and the sales jumping back around the festive time of year in India,” Apollo Tyres Chairman Onkar S i9000 Kanwar said.
In The european union, the company is performing much better than the industry, which is likely to proceed going forward as well, Kanwar observed.
“The teams across geographies have shown tremendous resilience despite the pandemic and have modified to the new normal for all the buinessmen continuity,” he additional.