Commercial Business

Apollo Tyres net profit increases 37% in Q1

Posted on August 6, 2014

Apollo Tyres Ltd. announced that for the first quarter of the financial year 2014-15, the company had net sales of $540.9 million (32.35 billion Indian Rupees [IRP]), an operating profit of $76.5 million (4.58 billion IRP) and a net profit of $38.1 million (2.28 billion IRP).

The announcement was made this week at the company’s 41st annual general meeting, when its board approved the company’s unaudited results for the first quarter of the financial year 2014-15. Shareholders also approved the annual dividend payout of 75% per share (0.75 per equity share), for the year ended March 31, 2014.

Showing signs of growth, Apollo Tyres’ says its Indian Operations registered a 6% increase in revenue in the first quarter, while European Operations, continuing its good performance, registered an increase of 18% in revenues in Q1 FY15, as compared to the same period last year.

Sale of part of its African business in the last fiscal led to the company reporting flat revenue growth on a consolidated level in the first quarter.

“Increased vehicle sales in the past quarter across geographies, and especially in India, along with a better product and market mix, helped us report good numbers in the past quarter,” said Commenting on the results, Onkar Kanwar, chairman of Apollo Tyres Ltd.

“Along with our decision to go ahead with a new Greenfield facility in Eastern Europe, we also have plans in place to expand the truck-bus radial capacity at our Chennai plant and re-jig the product mix of our facility in Kalamassery, Kerala.

“The fact that the deal did not fructify is not the real story. The real story is that your company identified future challenges and was able to make the attempt to address these to ensure an increase in your long term wealth. The real story is that as soon as we knew that Plan A was not working out, we launched Plan B, which also addresses the objectives we have identified.

“We have made the decision to go ahead with a new Greenfield plant in Eastern Europe, expand the capacity at our Chennai plant and re-jig the product mix of our facility here in Kalamassery.”

Related Topics: Apollo Tyres Ltd., Onkar Kanwar

Comments ( 0 )
More Stories

TP Commercial Solutions to Open HQ in San Diego

On Sept. 1, TP Commercial Solutions LLC will open its new office headquarters in San Diego, Calif. The office will facilitate the company’s truck, agricultural and off-road tire sales in the U.S. and Canada.


Brake Jobs Help Monro's Existing Stores Boost Sales

The fact that overall sales at Monro Muffler Brake Inc. increased in the first quarter of fiscal 2018 is hardly news. The company's aggressive approach to acquisitions helps it continually add to the sales column. But in the latest quarter, Monro's existing, comparable stores helped the bottom line, too. And that's news.  


Titan Will Raise Tire Prices Again

Titan International Inc. is imposing another price increase on its Titan-branded ag, industrial and construction tires made and sold in North America.

Zixin Liu, market planning director for Wanli Tire Corp., spoke at the 2017 Shanghai International Auto Show.

Who Is Wanli? Industry Analyst Breaks Down the Chinese Company

Following leaks from South Carolina in early June that Orangeburg County is expecting an investment of $1 billion from a Chinese company named “Wanli,” many in the tire industry wanted to know more details. Chief among them was the question, “Who on earth is Wanli?”

The Michelin Xtra Load Protect is designed to labor on hard, flat surfaces at quarries and construction sites.

Michelin Streamlines Its Rigid Dump Truck Tire Lineup

Michelin North America Inc. is updating its lineup of rigid dump truck tires with two new products, the Xtra Load Grip for soft, loose or muddy ground conditions, and the Xtra Load Protect for hard, flat and dry surfaces.  

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!