Strong operating performance despite weak demand

Company
11 Mar 2024
5 Min read 
  • Apollo Tyres reported strong operating performance in 3QFY24 despite weak demand.
  •  Consolidated margin beat estimates, driven by the European business.
  •  The company has raised its EPS estimates for FY24/25E by 1% each.
  •  Apollo Tyres continues to focus on profitability and capital efficiency.
  •  The company expects exports to pick up in the coming quarters.
  •  Valuation and view: Reiterate BUY with a revised TP of INR620.
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