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ICICI Direct Report
Apollo Tyres Ltd. posted a healthy operational performance.
Among geographies, Asia Pacific, Middle East, Africa i.e. largely India revenues grew 10.8% QoQ to Rs 4,460 crore while Europe de-grew 4.8% QoQ at Rs 1,604 crore.
Gross margin was flat QoQ whereas employee cost was down 58 basis points QoQ leading to healthy margins for the quarter.
Ebitda margins on a standalone basis were at 9.7% (up 30 bps QoQ) supported by a decline in employee cost and other expense down 30 bps and 90 bps QoQ, respectively, partially offset by gross margin decline (down ~96 bps QoQ).
On a standalone basis, Apollo Tyres realised healthy operating leverage gains amid adverse raw material price movement.
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