Apollo Tyres (ATL) has reported a better-than-expected performance on all counts in 3QFY18, mainly led by higher volume and benign raw material prices. Consolidated revenue grew by ~17% YoY to Rs40.2bn mainly led by 16% YoY volume growth aided by robust growth in TBR volume. EBITDA came in at Rs4.6bn (-3% YoY and +51% QoQ) vs. our estimate of Rs4.3bn. A better product-mix and steady raw material prices resulted in better operating profit, while EBITDA margin stood at 11.5% (+256bps QoQ). Net profit grew sequentially by 75% to Rs2.5bn, while on YoY comparison it declined by 17%. Sales volume across the segments (barring Passenger Vehicles) was strong. Outlining 3.0mn loss in Hungarian operations has peaked during the...