APOLLOTYRE · Automobile and Auto Components
Apollo Tyres Ltd. reported revenue of ₹6,437 cr for July to September 2024, +2.5% on the year and +1.6% on the quarter.
Operating profit (EBITDA) was ₹878 cr, a margin of 13.6%, −483 bps on the year and −71 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 13.6% to 18.5%). Operating costs grew +8.6%, faster than revenue at +2.5%, so operating profit grew less than sales.
Net profit was ₹297 cr, −37.3% on the year and −1.7% on the quarter, with earnings per share of ₹4.68. Profit before other income, one-offs and tax fell 42.7%, so 5 points of the headline growth came from outside the core business. The tax rate was 25% against an average of 32% over the previous 5 quarters, which lifted profit this quarter.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹22.84 over the last four quarters, the stock at ₹408.80 trades at 17.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 13.6%, −483 bps on the year (−71 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,280 cr | ₹6,595 cr | ₹6,258 cr | ₹6,335 cr | ₹6,437 cr | ₹6,928 cr | ₹6,424 cr | ₹6,561 cr | ₹6,831 cr | ₹7,743 cr | ₹7,336 cr | ₹7,398 cr |
| YoY | — | — | — | +1% | +2% | +5% | +3% | +4% | +6% | +12% | +14% | +13% |
| EBITDA margin | 18.5% | 18.3% | 16.4% | 14.3% | 13.6% | 13.7% | 13.0% | 13.2% | 14.9% | 15.3% | 14.6% | 11.7% |
| Other income, % of PBT | 2% | 0% | 7% | −2% | 4% | 1% | −35% | −924% | −39% | 3% | −260% | 18% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 31% | 37% | 29% | 25% | 27% | 29% | 66% | 33% | 35% | — | 25% |
| Net profit | ₹474 cr | ₹497 cr | ₹354 cr | ₹302 cr | ₹297 cr | ₹337 cr | ₹185 cr | ₹13.0 cr | ₹258 cr | ₹471 cr | ₹631 cr | ₹349 cr |
| YoY | — | — | — | −24% | −37% | −32% | −48% | −96% | −13% | +40% | +241% | +2,585% |
| Core profit YoY | — | — | — | −22% | −43% | −36% | −33% | −10% | +40% | +52% | +66% | −1% |
| EPS | ₹7.47 | ₹7.82 | ₹5.58 | ₹4.76 | ₹4.68 | ₹5.31 | ₹2.91 | ₹0.20 | ₹4.06 | ₹7.41 | ₹9.93 | ₹5.49 |
| Flags | · | · | · | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Apollo Tyres Ltd. reported revenue of ₹6,437 cr (+2.5% on the year) and net profit of ₹297 cr (−37.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −42.7% on the year, against −37.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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