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Futures tip, Rising crude oil prices to hit tyre manufacturing firms' profit margins
Profit margins of tyre manufacturers improved during the December quarter
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After a marginal recovery in the December quarter, profit margins of tyre manufacturing companies are likely to remain under pressure for the next six months due to rising prices of rubber and crude oil derivatives used for synthetic rubber and other raw materials.
Tyre companies led by Apollo Tyres reported a 17 percent year-on-year (y-o-y) jump in consolidated revenue to Rs 40.50 billion, supported largely by a nearly 50 percent yoy growth in the tree-born rubber (TBR) volume due to increasing radicalization and imposition of anti-dumping duty on Chinese tyres.
Consolidated EBIDTA (earnings before interest, debt, tax, and amortization) margins of Apollo Tyres jumped by 180 bps (basis points) on a quarterly basis to 12.3 percent on lower commodity prices and better scale.
Profit margins of tyre manufacturers improved during the December quarter when compared to the September quarter, despite rising prices of crude oil and its derivatives.
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