Apollo Tyres reports Q2 net profit down 37%, attributing losses to weak demand and higher costs.

Apollo Tyres saw its Q2 net profit drop by 37% to Rs 297 crore, citing weak demand and higher raw material costs. Despite a slight revenue increase to Rs 6,437 crore, the company's chairman, Onkar Kanwar, noted that weak demand in India's OEM sector affected profitability. To address financial needs, Apollo Tyres' board approved raising up to Rs 1,000 crore through a private placement of debentures.

November 13, 2024
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