Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					207
Target					160
Reco					NEU
Net Sales	88,677	121,533	127,768	133,127	137,896
Growth (%)		37	5	4	4
EBIDTA	9,651	11,661	14,389	17,762	18,561
EBITDA Margin		9.6	11.3	13.3	13.5
Net Profit	4,401	4,393	5,780	9,526	9,973
Growth (%)		-0.2	31.6	64.8	4.7
EPS, Rs	9	9	11	19	20
PER, x	23.7	23.8	18.1	11.0	10.5
EV/EBIDTA, x	13	13	13	13	13
P/BV, x	4	1	1	1	1
ROE, %	20	17	19	25	21
Total debt/Equity (%)	94.9	95.3	68.1	44.7	20.1

Latest Reports
Date	Description	Country	Analyst	Download

15-May-2024	Apollo Tyres (APTY IN) : RM cost inflation and EPR costs to add to margin pressure - NEUTRAL (Maintained)	India	Saksham Kaushal
08-Feb-2024	Apollo Tyres (APTY IN) : Less scope for margin improvement over the near term - NEUTRAL (Maintained)	India	Saksham Kaushal
08-Nov-2023	Apollo Tyres (APTY IN) : RM headwinds on the horizon, while Europe yet to recover - NEUTRAL (Maintained)	India	Saksham Kaushal
12-Aug-2023	Apollo Tyres (APTY IN) : Focus shifts to soft global demand, as RM benefits priced in - NEUTRAL (Maintained)	India	Saksham Kaushal
24-Jun-2023	Apollo Tyres (APTY IN) : Efficient plant in AP is impressive & with latest technologies - NEUTRAL (Maintain)	India	Saksham Kaushal
10-May-2023	Apollo Tyres (APTY IN) - Strong quarter but positives priced in : Neutral (Maintain)	India	Saksham Kaushal
06-Feb-2023	Apollo Tyres (APTY IN) - Q3FY23 Update - Improving returns but weaker outlook - Maintain Neutral	India	Saksham Kaushal
15-Nov-2022	Apollo Tyres (APTY IN) - Q2FY23 update - Replacement demand tapering - Maintain Neutral	India	Saksham Kaushal
16-Aug-2022	Apollo Tyres (APTY IN) - Q1FY23 update - Demand outlook steady but cost inflation remains high - Maintain Neutral	India	Saksham Kaushal
15-May-2022	Apollo Tyres (APTY IN) - Q4FY22 update - Demand outlook improved, cost headwind to margins	India	Saksham Kaushal
03-Feb-2022	Apollo Tyres (APTY IN) - Q4FY22 update - Strong growth in Europe, cost inflation still a risk - Maintain Neutral	India	Saksham Kaushal
01-Nov-2021	Apollo Tyres (APTY IN) - Q2FY22 update - Commodity prices to weigh on the stock - Maintain Neutral	India	Saksham Kaushal
01-Nov-2021	Apollo Tyres (APTY IN) - Q2FY22 update - Commodity prices to weigh on the stock - Maintain Neutral	India	Saksham Kaushal
05-Aug-2021	Apollo Tyres (APTY IN) - Q1FY22 update - Raw material inflation remains a risk - Maintain Neutral	India	Saksham Kaushal
28-Jun-2021	Apollo Tyres (APTY IN) - Focus on growth and optimization – Corporate day takeaways - Maintain Neutral	India	Saksham Kaushal
14-May-2021	Apollo Tyres (APTY IN) - Q4FY21 update - Decent performance, near term headwinds remain - Maintain Neutral	India	Saksham Kaushal
04-Feb-2021	Apollo Tyres (APTY IN) - Q3FY21 update - Demand momentum continues; Commodity inflation risk - Maintain Neutral	India	Saksham Kaushal
05-Nov-2020	Apollo Tyres (APTY IN) - Q2FY21 update - Domestic demand drives outperformance - Maintain Neutral	India	Saksham Kaushal
07-Aug-2020	Apollo Tyres (APTY IN) - Q1FY21 Update - Strong replacement demand offsets OEM weakness - Maintain Neutral	India	Saksham Kaushal
20-May-2020	Apollo Tyres - Q4FY20 update - Debt Remains an Overhang - Maintain Neutral	India	Saksham Kaushal
07-Feb-2020	Apollo Tyres Q3FY20: Decent performance in tough conditions (Maintain BUY)	India	Saksham Kaushal
01-Aug-2019	Apollo Tyres (APTY IN) Replacement demand to the aid	India	Saksham Kaushal