Apollo Releases Positive Financial Results
For the quarter ended Sept. 30, 2019, Apollo Tyres Ltd reported a net profit of $11.73 million on sales of $556.85 million. For the first half of the year (April – September), the company posted a profit of $32.11 million on sales of $1,171.56 million.
While the company’s European operations reported a single digit growth in revenue, both in the second quarter and in first half of the fiscal, the Indian operations’ (standalone) revenue was impacted by the slowdown in the Indian market, especially in the OE segment.
Onkar S Kanwar, chairman, Apollo Tyres Ltd., said, “Amidst challenging market conditions across the automotive sector in India, we did see positive volume growth in the replacement market, both in passenger vehicle and commercial vehicle tire segments in India. European Operations have also reported positive volume growth, on the back of exemplary test results for winter and all-season tires by leading auto magazines, for both Apollo and Vredestein brands.”
Apollo Tyres Ltd has manufacturing units in India, The Netherlands and Hungary. The company markets its products under its two global brands – Apollo and Vredestein, and its products are available in over 100 countries.
For more information, visit www.apollotyres.com.