Apollo Tyre profits rise 34% amid strong European performance

Gurugram, India – Apollo Tyres Ltd has ended its financial year on a strong note, reporting growth both in sales and operating profit.

For the year to 31 March, operating profit grew 34% year-on-year to INR44 billion, on 3% higher sales of INR235 billion, Apollo announced 14 May.

Net profit was up 65% at INR17 billion, despite a “slight impact” of provisions for extended producer responsibility (EPR), as mandated by the Indian government.

In terms of sales, Apollo said both its Indian and European operations’ revenue grew in single digits for the full year and in the fourth quarter.

In Europe, Apollo’s performance “has been much better than the overall market, with market share gains across product categories,” said chairman Onkar Kanwar.

Going forward, Kanwar said the demand scenario was “looking good” for different product segments across the company’s key geographies.