Apollo Tyres share price today: Kotak Maintains REDUCE rating with a revised Fair Value of Rs 210
Kotak highlights that Apollo Tyres Standalone revenues came in at Rs 34.2 bn (+24% yoy) mostly led by strong growth across segments in Q3 FY21. Adjusted standalone EBITDA margin came in at 18.7% (+570 bps yoy, -10 bps qoq), 190 bps above our estimates due to better-than-expected gross margins on account of a better product mix and benefit of low-cost inventory at the beginning of the quarter.
Apollo Tyres may incur additional capex (marginal) in FY2022E if demand trend continues to remain strong: Reuters