Double-digit growth keeps Apollo on track to hit 2026 targets

Chennai, India – Apollo Tyres Ltd has reached the $3-billion revenue milestone and is on track to further grow sales under its Vision 26 strategy, said its chairman Onkar Kanwar.

The India-based tire manufacturer delivered a “good performance” for its financial year ended 31 March, Kanwar stated in a 2 Aug address to the group's AGM.

Sales at Apollo grew more than 17% to close the year at Rs245 billion (€2.7 billion), with both Indian and European operations delivering growth.

The Vision 26 strategy, he noted, had increased Apollo's focus on 'return on capital employed' and targets for sustained profitability.

Kanwar went on to highlight the group's "relentless focus" on cost reduction and enhancing manufacturing efficiencies across the organisation.

“We have been consistently investing in good cost like R&D, marketing, brand, and people development while focusing on and reducing bad costs,” he commented.

Looking ahead, however, Kanwar said “uncertainties continue to pose a challenge” particularly in Europe due to the continuing conflict in Ukraine.

Nevertheless, the chairman remained “bullish” about Apollo's future prospects.

“In Europe, our strategy along with the best-in-class product mix have, time and again, helped us to gain market share,” he said.

India, he added, is on a growth trajectory and with the company set to “certainly benefit.”

Kanwar is also "equally excited about the work being done in the US market and confident that we will see good growth from this market.”

Apollo launched its Vision 26 in 2021, with the aim to more than double sales to $5 billion by the end of fiscal year 2025-2026.

The tire maker has defined five "key pillars" to achieve the revenue growth, including digitalisation, technology & innovation, people, brand and sustainability.