Apollo Tyres reports Q1 net loss of Rs 135 crore, Auto News, ET Auto
New Delhi: Apollo Tyres on Wednesday noted consolidated decline of Rs 135 crore for the quarter finished June 30, 2020, thanks to disruption in business brought about by the coronavirus outbreak.
The company experienced posted a consolidated gain of Rs 141.six crore in the corresponding period of time of the prior fiscal, Apollo Tyres reported in a submitting to the BSE.
Full profits declined 33.47 % to Rs 2,900 crore in the period of time beneath evaluate from Rs 4359 crore in the year-ago period of time.
Commenting on the initially quarter effects, Onkar S Kanwar, Chairman, Apollo Tyres Ltd reported, “The teams across geographies have shown huge resilience amidst the pandemic, and have adopted the new typical for business continuity. While the initially 50 percent of the initially quarter was nearly a finish washout, our overall performance has been great considering the fact that the markets opened up, primarily in the substitution sector.”
He further reported “While the uncertainty will proceed, and we will have to come across prospects for advancement, I am hopeful of the markets further recovering and the sales bouncing back all-around the festive season in India.”
In Europe, he added, the company is doing superior than the marketplace, which is most likely to proceed going ahead as very well.
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