Motilal Oswal has given Buy on the stock with a revised price target (PT) o recommendation for Apollo Tyres with a target price of Rs. lal Oswal is bullish on Apollo Tyres has recommended buy on the stock with a revised price target (PT) of Rs. 275 in its research report issued on Feb 03, 2022

Outlook

APTY’s 3QFY22 operating performance was in line. The tepid operating performance in India was offset by strong performance in its European business. India business demand is set to recover in the Replacement and OEM segment after a weak 3QFY22. EU profitability is expected to be structurally higher, though 3QFY22 was a seasonal peak, driven by restructuring of operations, better mix, and strong demand. We cut our FY22E/FY23E consolidated EPS by 11%/6% to factor in RM cost inflation and weak Farm revenue. We maintain our Buy rating.

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