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Motilal Oswal Report
Apollo Tyres Ltd.'s Q3 FY22 operating performance was in-line. The tepid operating performance in India was offset by strong performance in its European business.
India business demand is set to recover in the replacement and original equipment manufacturer segment after a weak Q3 FY22. Europe profitability is expected to be structurally higher, though Q3 FY22 was a seasonal peak, driven by restructuring of operations, better mix, and strong demand.
We cut our FY22E/FY23E consolidated earnings per share of Apollo Tyres by ~11%/6% to factor in raw material cost inflation and weak farm revenue.
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