Apollo Tyres Ltd. posted net income of 2.8 billion rupees on net sales of 29.3 billion rupees for its third quarter ended Dec. 31, 2015. That compares to income of 1.8 billion rupees on sales of nearly 30.4 billion rupees for the same period a year earlier.
Based on the exchange rate on Dec. 31, 2015, Apollo recorded net income of $42.2 million on net sales of $443 million for the third quarter. Its income-to-sales ratio was 9.5%, compared to 5.9% a year ago.
The company's operating income was up 2%, from 5.02 billion rupees to 5.12 billion rupees ($77.4 million).
“Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers," says Apollo Chairman Onkar S Kanwar. "This, in addition to the increasing import of cheap tires into the country, has impacted our revenues.”
Through nine months of its 2015-2016 fiscal year, Apollo has recorded net income of 8.5 billion rupees on net sales of 87.4 billion rupees. That compares to income of 6.7 billion rupees on sales of 95.9 billion rupees for the first nine months of its previous fiscal year.
For information on Apollo's previous financial reports, check out these links: