Sharekhan's research report on Apollo Tyres Apollo Tyres Ltd (ATL) Q2 FY20 results missed our estimates due to lower than anticipated topline and higher interest and depreciation expenses. Demand pressures are likely to sustain in near term given the demand weakness in domestic CV OEM’s European operations also under stress. Muted topline growth in intensive capex cycle would continue to put pressure in return ratios. ROCE to remain in 7-8% range thereby preventing re-rating. Outlook Valuations at 12.3x FY21 earnings are at higher end of historical average multiples. Retain Hold with revised PT of Rs 185. For all recommendations report, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Apollo Tyres_06112019Special