Apollo's 2Q results are mixed, with sales up and profits down

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Apollo Tyres Ltd. posted net after-tax income of 151 million rupees on net sales of 12.6 billion rupees for its second quarter ended Sept. 30, 2008. That compares to income of 576.1 million rupees on sales of 10.8 billion rupees for the same period in 2007.

The unaudited results include the financial results for the company's overseas subsidiaries.

Based on the exchange rate for Sept. 30, 2008, Apollo recorded net profit of $3.2 million on net sales of $260.2 million for its fiscal 2Q. It's income-to-profit ratio was 1.2%.

Overall, net sales increased 16.3% for the quarter. Apollo says sales in India and South Africa were up 16% and 30%, respectively. Overall net income dropped nearly 74%.

For the first half of its fiscal 2009, Apollo recorded net profit of 737.6 million rupees (down 34.2% compared to the first half of fiscal 2008) on net sales of 25.8 billion rupees (up 15.6%).

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