CHENNAI, India—Apollo Tyres Ltd. intends to take further pricing action and other cost control measures as it expects cost inflation to continue in the near term.
Announcing the company's third quarter results Feb. 2, Chairman Onkar Kanwar said in addition to those measures, Apollo will continue to expand its product range and footprint across key markets to align with the "robust demand momentum."
Over the quarter ended Dec. 31, 2021, Apollo reported a 10-percent increase in sales to $762 million (INR 57 billion). Operating profit fell nearly 28 percent to $98.9 million. Net profit for the period halved to $29.4 million.
Operating profit for the first nine months of the year fell 1.7 percent to $261 million, on 24 percent higher sales at $2.06 billion.
Apollo did not provide reasons for the decline in operating profit but said both its Indian and European operations reported a growth of 11 percent in sales each during the third quarter.
"Despite the headwinds, we have seen a healthy growth in the third quarter, contributed by a strong performance in the European operations and exports out of India," Kanwar said.
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