External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><ul><li>Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.</li></ul><div><div><div><ul><li>Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.</li></ul><div><div><div><ul><li>Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.</li></ul></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>

Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.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 - Sharp Focus on Boosting Returns

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>Revenue beat on the back of strong growth in Europe; Europe operations lead margin beat</li></ul><div><div><div><div><ul><li>Demand outlook remains positive; expect commodity cost pressures to peak by 1QFY23: Domestic volume was flattish QoQ in 4QFY22, led by robust exports even as replacement demand remained muted.</li></ul><div><div><div><div><ul><li>Focus on sweating assets and deleveraging balance sheet: Capex done in the last 3 years will likely support growth in the medium term (no major capex lined up for FY23/FY24) while the focus on de-bottlenecking and better asset utilization is likely to drive better returns in the medium term.</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>

Revenue beat on the back of strong growth in Europe; Europe operations lead margin beatDemand outlook remains positive; expect commodity cost pressures to peak by 1QFY23: Domestic volume was flattish QoQ in 4QFY22, led by robust exports even as replacement demand remained muted.Focus on sweating assets and deleveraging balance sheet: Capex done in the last 3 years will likely support growth in the medium term (no major capex lined up for FY23/FY24) while the focus on de-bottlenecking and better asset utilization is likely to drive better returns in the medium term.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 - Entering High Growth, Low Capex Phase; Resume with BUY

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

ICICI Securities Limited

<p>About the stock: Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe with an installed capacity of ~7.9 lakh MT p.a. In India, ATL has a substantial presence in TBR (31% market share) &amp; PCR space (21% market share).</p><ul><li>Derives ~67% revenues from APMEA (largely India), ~32% from Europe</li><li>FY21 segment mix: Truck/bus ~43%, PV ~35%, OHT ~11%, others ~11%</li></ul><div class="content-highlight"><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></div>

About the stock: Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe with an installed capacity of ~7.9 lakh MT p.a. In India, ATL has a substantial presence in TBR (31% market share) &amp; PCR space (21% market share).Derives ~67% revenues from APMEA (largely India), ~32% from EuropeFY21 segment mix: Truck/bus ~43%, PV ~35%, OHT ~11%, others ~11%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: Long Term Investment Thesis Intact

<p>On the margin front, ATL said that Europe margins achieved in H2FY21 (~15%) are sustainable, with Dutch plant specialisation holding the key to future performance. The company seeks to reduce raw material consumption by ~5-7% on like-to-like basis over the next five years, with production ramp up set to deliver operating leverage benefits across geographies, going forward. ATL is exploring organisation-wide capacity de-bottlenecking opportunities as a means to improve efficiencies.</p><div class="content-highlight"><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></div>

On the margin front, ATL said that Europe margins achieved in H2FY21 (~15%) are sustainable, with Dutch plant specialisation holding the key to future performance. The company seeks to reduce raw material consumption by ~5-7% on like-to-like basis over the next five years, with production ramp up set to deliver operating leverage benefits across geographies, going forward. ATL is exploring organisation-wide capacity de-bottlenecking opportunities as a means to improve efficiencies.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.

India

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

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Apollo Tyres (APTY IN)

Apollo Tyres - Sharp Focus on Boosting Returns

Over the last few years, Apollo has invested in R&D, brand building, and expanding its distribution network. This has in turn led to market share...

HDFC Securities

Apollo Tyres - Entering High Growth, Low Capex Phase; Resume with BUY

Apollo Tyres’ (APTY) consolidated revenue for 4QFY22 stood at Rs55.8bn, which was ahead of our estimate (+2%), led by nominal growth in India...

Nirmal Bang

Apollo Tyres: Long Term Investment Thesis Intact

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

ICICI Securities Limited

Apollo Tyres: Outlines Vision 2026

On the margin front, ATL said that Europe margins achieved in H2FY21 (~15%) are sustainable, with Dutch plant specialisation holding the key to...

ICICI Securities Limited

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