Apollo reports 26 percent sales growth in Q3

Gurgaon, Haryana, India - Apollo Tyre recorded net sales growth of 26% for the three months ended December 2006. Sales rose to to Rs 8575 million (€150 million) from Rs 6788 million for the same period a year earlier. Net profits amost doubled, increasing to 4.1 percent of sales (Rs 350 million) from 2.4 percent of sales (Rs 163 million).

Commenting on the results, Mr Neeraj R S Kanwar, Joint Managing Director & COO, Apollo Tyres Ltd, said: “Our production and the concurrent sharp sales growth has enabled us to inch towards a better bottomline growth. Even though, average raw material prices have been higher this quarter, compared to the year before, the stability in prices has enabled us to better utilise capacities to fulfil market demands. Natural rubber is once again on the upward swing, but we hope it is a temporary phenomenon and this quarter will mark a turnaround for the tyre industry as a whole.”