Operating revenue rose to Rs 6,831 crore in the period under review, against Rs 6,437 crore in the same period last year, Apollo Tires said in a statement.
“Favorable monsoon conditions, coupled with the Indian government’s recent initiatives to rejuvenate the rural economy, drove positive growth in both the Original Equipment Manufacturer (OEM) and replacement segments last quarter,” said Apollo Tires Chairman Onkar Kanwar.
Moreover, the GST rationalization implemented towards the end of the second quarter further boosted demand across market segments in India, he added.
In Europe, the company’s performance remained consistent with overall market growth, Kanwar said. The company said its board of directors has approved raising up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) allotted in one or more tranches, through private placement.
The company’s shares settled 0.69 percent higher at Rs 536.20 apiece on the BSE.
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