Apollo Tyres Hit With ₹14.34 Lakh Customs Fine, Appeals Ruling

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AuthorRiya Kapoor|Published at:
Apollo Tyres Hit With ₹14.34 Lakh Customs Fine, Appeals Ruling
Overview

Apollo Tyres has been fined ₹14.34 lakh by Chennai Customs over a Harmonized System of Nomenclature (HSN) classification dispute. The company stated the penalty has no material financial impact and plans to appeal the order.

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Apollo Tyres has received a penalty order of ₹14.34 lakh from the Joint Commissioner of Customs in Chennai. The penalty stems from a dispute over the Harmonized System of Nomenclature (HSN) classification of certain goods.

The company has stated that the order has no material financial impact on its operations. Apollo Tyres also confirmed its intention to appeal the ruling before the Appellate Authority.

With consolidated revenue of ₹25,177 crore for the financial year ended March 31, 2025, and a net profit of ₹1,635 crore in FY24, the ₹14.34 lakh penalty is minor in comparison to Apollo Tyres' scale. However, such disputes can point to broader compliance scrutiny within the sector. Competitors like CEAT Ltd and MRF Ltd operate under similar customs and trade classification regulations.

Apollo Tyres' decision to appeal signals its confidence in its position and its strategy to address the classification issue. The company will now focus on preparing and filing its appeal.

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