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.