Profit before exceptional items and tax surged to Rs 576.40 in Q1 FY24 from Rs 238.46 crore recorded in the corresponding quarter previous year. The company reported an exceptional item of Rs 0.48 crore during the quarter.

Operating profit jumped 52% at Rs 1,051 crore in Q1 FY24 as against Rs 690 crore in Q1 FY23.

Consolidated revenues from operations across geographies for the first quarter increased by 5.09% to Rs 6,244.58 crore.

The company's European Operations performed better than the market under a tough scenario, while in India the focus remained on higher margin products and markets.

Commenting on the company's performance in the first quarter, Onkar Kanwar, chairman, Apollo Tyres said, “My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long term perspective. This, along with stable input costs have resulted in better margins in the past quarter.”

The scrip tumbled 4.72% to Rs 411.05 on the BSE.