Apollo reports double-digit growth in sales, earnings

Chennai, India – Apollo Tyres Ltd has reported a solid set of first quarter results for the group's financial year started April.

Operating profit for the three months to end of June rose 22% year-on-year to INR6.9 billion (€84 million), on 30% higher sales of INR59 billion.

Net profit increased 49% to close at just under INR2 billion, as against INR1.2 billion reported in the previous fiscal year, the tire maker announced 12 Aug.

According to Apollo, both Indian and European operations performed well, with revenues from operations increasing 38% and 14% respectively.

Performance was further aided by “healthy demand" across different market segments, especially passenger vehicle tires, according chairman Onkar Kanwar.

“Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in first quarter,” stated Kanwar.