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Top related persons:
MRF - 1 Meenakshi Maidas - 1 Janane - 1
Top related locs:
BENGALURU Asia Middle East Africa Goodyear India Bengaluru
Top related orgs:
Apollo Tyres Ltd - 1 Consolidated - 1 of Automobile Dealers Association - 1 Goodyear - 1 Apollo Tyres - 1 Thomson - 1

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2 mentions found


☆ India's Apollo Tyres beats Q2 profit view on higher auto sales
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Nov 7 (Reuters) - Indian tyre maker Apollo Tyres Ltd. (APLO.NS) reported a better-than-expected second-quarter profit on Tuesday, boosted by higher auto sales and lower input costs. Consolidated profit more than doubled to 4.74 billion rupees ($56.94 million) for the quarter ended Sept. 30 from 1.79 billion rupees a year earlier. Analysts, on average, had expected a profit of almost 4.33 billion rupees, according to LSEG data. Revenue from operations rose over 5% to 62.8 billion rupees, with revenue in the APMEA (Asia Pacific, Middle East and Africa) segment, the largest contributor to revenue, rising 4.5% to 44.73 billion rupees. Apollo peers MRF Tyres (MRF.NS) and Goodyear India (GDYR.NS) also logged profit jumps on the back of higher demand and easing costs.
Persons: MRF, Meenakshi Maidas, Janane Organizations: Apollo Tyres Ltd, Consolidated, of Automobile Dealers Association, Goodyear, Apollo Tyres, Thomson Locations: BENGALURU, Asia, Middle East, Africa, Goodyear India, Bengaluru
☆ India festival spending booms despite inflation worries, global slowdown
  + stars: | 2022-10-14 | by ( Manoj Kumar | ) www.reuters.com   time to read: +7 min
The sales would include nearly $15.2 billion offline sales, compared to about $8.5 billion in 2019, according to the Confederation of All India Traders (CAIT). read moreBut economists said the sense in India was that inflation has peaked while economic activity was picking up. The bump in consumer demand is expected to support economic growth of around 6.5% in the fiscal year ending March 2023, the highest among the world's major economies. Credit demand increases Credit demand increasesThe retail boom is also a boon for the government - goods and services tax collections, a barometer of consumer demand, rose 26% year-on-year in September, data showed. "After two consecutive downbeat festive seasons, consumer sentiment and spending appear to have rebounded this year... which may boost economic growth in the current quarter, but may not sustain thereafter."
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