Apollo Tyres’ (ATL) consolidated revenues grew 16.1% YoY to | 3,304 crore (vs. our estimate of | 2,923 crore). Growth was primarily volume driven, up 13% YoY & 8% YoY for Indian & European operations, respectively.Revenues from Asia Pacific Middle East & Africa (APMEA) increased 4.7% YoY to | 2,554 crore while revenue from Europe & America (EA) increased 23.5% YoY to | 1058 crore. Its acquisition of Reifencom clocked revenue of ~| 310 crore in Q1FY17. Consolidated EBITDA margins were at 16.3% (up 34 bps QoQ) vs. our estimate of 15.2% mainly on the back of gross margin expansion of 56 bps QoQ (despite higher NR prices) & lower employee expense .Higher-than-expected revenue & margins improved profitability, with PAT at | 315 crore (up 8.3% YoY) vs. our estimate of | 220 crore. ICICI Securities Limited retain their HOLD rating, valuing the stock at 8x FY18E EPS to arrive at a target of | 180.