The shares of the leading tyre manufacturers gained up to 6 percent despite White Iris Investment’s likely to sell 2.24 crore equity shares of the company in the block deal to raise Rs 1,040 crore.
With a market capitalization of Rs 31,151.70 crore, the shares of Apollo Tyres Ltd were trading at Rs 490.50 per share, increasing around 1.73 percent as compared to the previous closing of Rs 482.15 apiece
As of March 2024, White Iris Investment, a subsidiary of Warburg Pincus holds 2.24 crore equity shares which are equivalent to 3.54 percent of the company, however, White Iris Investment is likely to sell 2.24 crore equity shares of the company in the block deal to raise Rs 1,040 crore.
Moreover, in December, White Iris Investment sold a 4.5 percent stake in Apollo Tyres for Rs 1,281 crore through multiple block deals.
Looking into Apollo Tyres Ltd’s performance, revenue increased by 0.17 percent from Rs 6,247 crore in Q3 FY23 to Rs 6,258 crore in Q3 FY24. During the same period, net profit decreased by 14 percent, from Rs 410 crore to Rs 354 crore.
The company’s product line comprises passenger cars, SUVs, MUVs, light trucks, truck-buses, two-wheelers, agriculture, industrial, specialty, bicycle, and off-road tyres, as well as retreading material and tyres. It serves more than 100 countries through 181 offices and six production facilities, four in India and one each in the Netherlands and Hungary.
Apollo Tyre operates in only one business segment: automotive tires, automobile tubes, and automobile flaps. In terms of geographical segmentation, APMEA (Asia Pacific, Middle East, and Africa) accounts for 68%, Europe for 28%, and others for 4%.
Apollo Tyres Limited manufactures and sells vehicle tires. The company operates in the vehicle tires, tubes, and flaps industry. The geographical categories include Asia Pacific, Middle East and Africa (APMEA), Europe, and Others.
Written by:- Abhishek Singh
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