CHENNAI, India—Apollo Tyres Ltd. has reported 32-percent year-on-year growth in third quarter profits, due in part to the strong performance of its European operations.
For the three months to end of December 2023, the India-based tire maker posted an operating profit of about $145 million (INR 12.0 billion), up from $116 million (based on average 2022 exchange rates) reported the year before, according to a Feb. 6 press release.
Sales for the period were up 4 percent at just under $796 million, Apollo said.
For the nine months to end of December, Apollo posted a 48-percent increase in operating profit to $410 million, on 4 percent higher sales of $2.3 billion.
Commenting on the company's performance, Chairman Onkar Kanwar said Apollo's European operations had "outperformed the market once again in the past quarter." Additionally, Kanwar said the company was seeing "further signs of recovery in the overall European market," which he said is "a huge positive" for Apollo.
The company leader also linked growth to "improved product and market mix across geographies, along with stable raw material prices."
