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ICICI Direct Report
Apollo Tyres Ltd. posted a mixed performance in Q1 FY22.
Healthy consolidated revenue performance comprised 11.3% decline in Asia Pacific, Middle East and Africa region (largely India) and flat Europe revenues.
Gross margin depletion of 236 basis points QoQ led to sequential decline in Ebitda margins.
Steep ~440 bps gross margin decline in standalone operations came as a negative surprise.
Apollo Tyres' consolidated profit after tax was down 55.5% QoQ to Rs 128 crore.
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