MUMBAI, India — Apollo Tyres Ltd. suffered a 34% drop in sales in the quarter ended June 30, although business in India began a strong recovery throughout the month of June, the company reported.
"While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market," Apollo Chairman Onkar Kanwar said.
Operating profit for the firm's fiscal 2021 first quarter was almost halved to $35.1 million, on 33.8% lower sales of $375 million, the Indian tire maker reported Aug. 5.
The company reported a net loss of $1.8 million, compared with a net profit of $3.3 million reported in the first quarter of the previous fiscal year.
In spite of the declines, Apollo said it still recorded its "highest ever sales" in the replacement market in India in the month of June.
In addition, Apollo said its European operations delivered a "better than the industry [average]" performance, despite pandemic-related challenges across different countries.