Apollo Tyres Hits Highest Degree Since April 2018 On Q2 Revenue Beat


Key Highlights Q2FY23 (Consolidated, YoY)

  • Income up 17% at Rs 5,956 crore, in contrast with Bloomberg estimate of Rs 6,027 crore.

  • Ebitda up 11% at Rs 712 crore.

  • Ebitda margin 12% versus 12.6%

  • Internet revenue up 12% at Rs 194.5 crore, in contrast with Bloomberg estimate of Rs 173 crore.

Shares of the corporate gained 6.4% to Rs 303.6 apiece as of 10:10 a.m. whereas the benchmark Nifty 50 eased 0.12% on the NSE. It had risen to Rs 307.25, its highest stage since April 17, 2018.

Motilal Oswal maintained a ‘purchase’ ranking on the inventory, stating that in keeping with estimated working efficiency and a decrease tax outgo, led to a revenue beat for the corporate.

Of the 32 analysts monitoring Apollo Tyres, 24 preserve a ‘purchase’, one suggests a ‘maintain’ and 7 suggest a ‘promote’, in response to Bloomberg information. The 12-month consensus worth goal implies a draw back of 1%.

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