Apollo reports healthy performance for Q3FY22APOLLOTYRE - 216 Change: 2.05 (0.96 %)
News: The company reported a healthy performance in Q3FY22 with consolidated sales for the quarter coming in at Rs.5707 crore up 12.4% QoQ. EBITDA for the quarter came in at Rs.743 crore with corresponding EBITDA margin at 13% (up 45 bps QoQ). PAT in Q3FY22 was at Rs.224 crore. Standalone EBITDA margins was at 9.1% (down 120 bps QoQ).
Views: Quarterly performance came broadly in-line with our expectations and was ahead of competition which have released results till date. Gross margin decline of ~150 bps QoQ was more than compensated by savings realized under employee costs & other expenses (operating leverage gains). The stock however is expected to open negative tracking the news of imposition of penalty by CCI alleging cartelisation in the past.