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Apollo Tyres skids into red

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Apollo Tyres Ltd. has posted a consolidated web lack of ₹135 crore for the primary quarter ended June 2020 towards a web revenue of ₹142 crore registered for the corresponding year-ago interval.

During the interval underneath evaluation, income from operations contracted to ₹2,828 crore from ₹4,272 crore.

“While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market. While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well,” stated Onkar S Kanwar, chairman, Apollo Tyres Ltd in a press release.

Regarding its subsidiary in Netherlands, the corporate stated the administration of Apollo Vredestein B.V., had initiated sure steps which included a plan to alter product/sourcing combine and its resultant affect on the present work drive.

At Wednesday’s board assembly, the corporate determined to subject non-convertible debentures of ₹1,000 crore by means of non-public placement foundation and 5.40 crore compulsorily convertible choice shares of ₹100 every to the traders belonging to public class by means of preferential allotment.

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