2025-01-29 09:27:07 am | Source: Motilal Oswal Financial Services Ltd
Buy Apollo Tyres Ltd For Target Rs. 600 by Motilal Oswal Financial Services Ltd
* Total revenue is expected to grow ~3% YoY, supported by steady replacement demand in domestic markets even as domestic OEM demand remains muted.
* Apollo has taken about 2% price hike in TBR and 3% in PCR in 3Q. However, this is unlikely to be sufficient to cover the continue rise in input costs.
* Hence, we expect EBITDA margin in India business to contract sequentially by 60bp. Even in Europe, margins are likely to decline by about 80bp YoY over a high base of last year.
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