Apollo Tyres sales up 18 percent in 1st half

Gurgaon, Haryana, India -- Apollo Tyres has published its results for the six months ended 30 September, 2005. The company reported sales for the period up 18 percent at Rs 12 008 million (Euro 221.5 million) from Rs 10 191 million a year earlier. Operating profit was up 20 percent from the same period last year, at Rs 1135 million (Euro 20.94 million), compared with Rs 94.6 a year earlier.

Commenting on the results, Onkar S Kanwar, Chairman & Managing Director, Apollo Tyres Ltd, said: Last year's challenging conditions in the tyre industry of higher raw material prices have continued throughout this year. However, our focus on gaining greater operating efficiency has ensured our profitability. While globally tyre manufacturers have raised prices considerably, in India we have had to take measured and incremental steps to protect customer interests. To create growth opportunities - both for the company and our employees -- and enhance profitability, we have continued to explore opportunities and expand existing operations.”

Neeraj R S Kanwar, Chief Operating Officer, Apollo Tyres Ltd, added: Our internal focus at Apollo is eventually going to pay high dividends in making Apollo Tyres a market leader which believes not only in price and product leadership, but in also setting best-in-class examples within the manufacturing industry. It is in this context that a changeover to natural gas as the preferred energy source at our Limda plant has been very successful. As has been our organisation-wide effort in gaining the BS7799 certification, for information security. This ensures that not only our data, but that of our partners and stakeholders at every level is secure. Of course, being the first tyre company in the world to get this certification is an added point of pride.”