Apollo Tyres buoyed by ‘ahead-of-market’ performance

Gurugram, India – Apollo Tyres has reported a strong performance for its fiscal year ended 31 March, as both sales and profits increased during the 12-month period.

The Indian tire maker reported a 29% year-on-year increase in operating profit to RS33 billion, on 17% higher sales of RS245 billion.

Both Indian and European operations’ revenue grew 9% each, in the final quarter of the year, while registering annual increases of 18% and 11% for the full year.

Full year net profit was up 73% at Rs11.0 billion, Apollo added in a 9 May statement.

“Our performance, in terms of topline and bottom-line, is very much aligned with our internal targets,” said chairman Onkar Kanwar.

According to the Apollo boss, the company’s operations in India and Europe “have done well and mostly ahead of the market”, under challenging demand scenarios.

In particular, Apollo witnessed “good recovery” in the commercial vehicle segment in India.

“Going forward, [Apollo] will be positively impacted by the uptick in replacement demand, especially in India, along with stable input costs,” Kanwar added.