Apollo buoyed by 'better-than-market' European results 

Chennai, India – Apollo Tyres Ltd has reported growth in second quarter and half-year results, helped by a strong performance in Europe.

For the quarter ended 30 Sept, Apollo registered a revenue of INR59.5 billion (€741 million), up 17% over the same period last year.

Both operating profit and net profit for the period grew 12% year-on-year, reaching INR7.1 billion, INR1.9 billion respectively.

For the first six months of the fiscal year started 1 April, the company’s revenue closed at INR119 billion, up 23% year-over-year.

Operating profit for the period was up 16% at INR14 billion, while net profit grew 28% to INR3.8 billion.

Apollo said both its Indian and European operations witnessed “a healthy revenue growth” in the second quarter.

Second-quarter sales in India increased 16% year-on-year, while the European business reported a 30% rise in revenue (in local currency terms) during the period.

“We continued with our resolve towards profitable growth, despite the headwinds,” said chairman Onkar Kanwar.

“Our cost control measures, and timely pricing actions, have helped maintain our profitability in a quarter where the raw material prices were at their peak,” he added.

According to Kanwar, the demand situation in India remained subdued during the second quarter.

But in Europe, he went on to say, Apollo’s growth was better than the market.

“With raw material prices tapering off, there is some respite going forward,” he concluded.