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Motilal Oswal Report
Apollo Tyres Ltd.'s Q4 FY24 consolidated Ebitda margin came in at 17.2% (+120 basis points YoY), adjusted for extended producer responsibility expenses.
Volumes saw marginal growth, with original equipment manufacturer volumes seeing a double-digit decline as Apollo Tyres focused on profitability in the TBR OEM segments.
Europe margins came in at 19.1% (+100 basis points YoY), largely led by an improved mix, despite a volume decline in the underlying PCT industry.
Apollo Tyres has increased prices in May 2024 to partially offset the impact of EPR and higher raw material costs.
We cut our FY25E consolidated EPS by 6% to factor in increasing taw material prices and EPR provisions, while we retain our FY26E EPS.
Reiterate Buy with a revised target price of Rs 550 (based on 16 times March-26E EPS).
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Also Read: Bharti Airtel Q4 Results Review - Soft Growth But Gaining Subscriber Share: Motilal Oswal
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