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Apollo ups net profit and sales in 2Q

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Apollo Tyres Ltd. posted net income of 2.2 billion rupees on net sales of 34.3 billion rupees for its second quarter ended Sept. 30, 2013. That compares to income of 1.5 billion rupees on sales of 33.7 billion rupees for the same period last year.

Based on the exchange rate on Sept. 30, 2013, Apollo recorded net income of $35 million on net sales of $547.6 million for 2Q 2013. Its income-to-sales ratio was 6.4%.

Apollo's operating income increased 15.8%, from 3.8 billion rupees to 4.4 billion rupees.

The company credited improved product and customer mix across geographies as part of the reason for the 44% increase in profitability for the quarter.

For the first half, Apollo recorded net income of more than 3.8 billion rupees on net sales of 66.2 billion rupees. Compared to the same period in the previous fiscal year, those totals were up 32% and nearly 1.3%, respectively.

“Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottomline despite the challenging circumstances," says Chairman Onkar S Kanwar.

"In India, which is our largest market, while there is no upswing in the demand from the OEs, the healthy demand in the replacement market, especially for our products, has helped us to hold on to our topline. We are also looking forward to introduce the Vredestein brand in India next month.”

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