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Apollo's Income and Sales Fall in 4Q

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Apollo Tyres Ld. posted net income of 2.5 billion rupees on net sales of 29.7 billion rupees for its fourth quarter ended March 31, 2016. That compares to income of nearly 3.1 billion rupees on sales of 31.3 billion rupees for the year-ago quarter.

Based on the exchange rate on March 31, 2016, Apollo recorded net income of $36.9 million on net sales of $472.2 million for 4Q 2016. The company’s income-to-sales ratio was 7.8%.

For its fiscal year ended March 31, 2016, Apollo posted net income of 10.9 billion rupees ($164.7 million) on net sales of 117.1 billion rupees ($1.77 billion). That compares to income of 9.8 billion rupees on sales of 127.2 billion rupees for fiscal 2015, or a 12% increase in net income year-over-year.

Apollo’s revenue in India was largely impacted by Chinese imports in the past fiscal year, according to Chairman Onkar S Kanwar.

“The imported truck-bus radials, especially from China, occupied close to 30% of the Indian replacement market for radial truck tires, which not only impacted the domestic truck-bus radials, but also the truck-bus bias segment. With India having no anti-dumping duties, in the past fiscal on Chinese tires, and numerous other geographies having imposed anti-dumping duties on Chinese tires, India has opened its market for low cost tire imports from China, thereby putting at risk the huge investments made by the domestic tire majors.”

The company’s consolidated revenues break down as follows:

* India – 69%;

* Europe – 26%; and

* other geographies – 5%

Highlights of Apollo’s fiscal year include:

* entered the two-wheeler tire segment in India;

*  acquired Reifencom GmbH, Germany based tire distributor with both online and offline presence;

* expanded partnership with Manchester United to 129 countries globally;

* received Global Green Future Leadership Award 2016, under best waste management category, and Asian CSR awards 2015, under health enhancement category; and

* inaugurated multiple new Apollo Zones, the company’s branded retail outlets, in Jordan and Lebanon.

Apollo’s board of directors recommended a dividend payout of 200%, to be approved by the shareholders at its general meeting, later in the year.

For more information about the company, visit www.apollotyres.com.

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