External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase.</li><li>EU EBITDA margin increased ~290bps QoQ despite RM price increase, led by higher mix of UHP tires and cost-reduction initiatives.</li><li>APTY expects RM prices to remain stable in Q4. In terms of demand, replacement segment continues to do well and the company expects this segment to drive growth going forward. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase.EU EBITDA margin increased ~290bps QoQ despite RM price increase, led by higher mix of UHP tires and cost-reduction initiatives.APTY expects RM prices to remain stable in Q4. In terms of demand, replacement segment continues to do well and the company expects this segment to drive growth going forward. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - RM Costs Impact Profitability; Early Signs of Recovery Visible in PV and CV Segments

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.</li><li>ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.</li><li>Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres Ltd - Continue to Focus on Operating Excellence!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Over the last few years, there has been a noticeable change at Apollo Tyres</li><li>From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basis</li><li>Some of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capex</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Over the last few years, there has been a noticeable change at Apollo TyresFrom a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basisSome of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capexContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - On Track to Achieve Vision 2026. Maintain ADD

<ul><li>Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe and an installed capacity of ~7.9 lakh MT per annum.</li><li>In India, ATL has substantial presence in TBR (31% market share) &amp; PCR space (21% market share)</li><li>Derives ~67% revenues from APMEA (largely India), ~32% from Europe </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe and an installed capacity of ~7.9 lakh MT per annum.In India, ATL has substantial presence in TBR (31% market share) &amp; PCR space (21% market share)Derives ~67% revenues from APMEA (largely India), ~32% from Europe Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres (ATL) - Raw Material Tailwinds to Start Flowing from Q3FY23…

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.</li></ul><div><div><div><div><ul><li>Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.</li></ul><div><div><div><div><ul><li>Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Tyres - Margin Headwinds Owing to Rising RM Prices; Maintain BUY

India

Apollo Tyres Limited is an Indian multinational tyre manufacturing company that produces and sells tyres, tubes, and flaps for a diverse range of vehicles, including passenger cars, commercial vehicles, two-wheelers, and off-highway vehicles. The company markets its products under the Apollo and Vredestein brands. Apollo Tyres is headquartered in Gurugram, Haryana, India, and was founded in 1972.

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Apollo Tyres (APTY IN)

Apollo Tyres - RM Costs Impact Profitability; Early Signs of Recovery Visible in PV and CV Segments

Apollo Tyres’ (APTY) Q3FY25 standalone EBITDAM was down 100bps QoQ at 11.1% on RM cost increase. EU EBITDA margin increased ~290bps QoQ despite RM...

ICICI Securities Limited

Apollo Tyres Ltd - Continue to Focus on Operating Excellence!

ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for...

Sharekhan

Apollo Tyres - On Track to Achieve Vision 2026. Maintain ADD

From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE...

HDFC Securities

Apollo Tyres (ATL) - Raw Material Tailwinds to Start Flowing from Q3FY23…

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India & Europe and an installed capacity of ~7.9 lakh MT per annum.

ICICI Securities Limited

Apollo Tyres - Margin Headwinds Owing to Rising RM Prices; Maintain BUY

We have cut our margin estimates by ~80bps for FY23 and FY24 each, leading to EPS cut of ~16%/15% for FY23/FY24. Crude oil prices have risen by...

Nirmal Bang

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