Madras High Court quashes CGST proceedings against Apollo Tyres

Apollo Tyres on Friday said the Madras High Court has quashed proceedings initiated against the company under Section 74 of the CGST Act, bringing relief in a pending litigation involving ₹2,791 million.

The update follows the company’s earlier disclosure on August 14, 2023, regarding the ongoing case.

The tyre maker also recently reported its quarterly financial results, posting a 13% decline in net profit to ₹258 crore for the second quarter ended September, compared with ₹297 crore in the same period

last year.

The fall in profit came despite a healthy operational performance. Revenues rose 6% to ₹6,831 crore, while EBITDA increased 16.2% year-on-year to ₹1,020 crore, up from ₹878 crore in the corresponding quarter. The company said growth was supported by steady demand in Europe and Asia along with lower raw material costs.

Apollo Tyres shared the litigation update through a regulatory release dated December 5.