Apollo Tyres Ltd. posted net income of nearly 3.4 billion rupees on net sales of more than 34.7 billion rupees for its third quarter ended Dec. 31, 2013. That compares to income of 1.8 billion rupees on sales of more than 32.1 billion rupees for the same period one year prior.
Based on the exchange rate on Dec. 31, 2013, Apollo recorded net income of $54.7 million on net sales of $562.5 million for the third quarter. Its income-to-sales ratio was 9.7%.
Operating profit was up 51%, from 4.1 billion rupees to 6.2 billion rupees. However, the 3Q 2013-14 results include an "exceptional" item of 1.1 billion rupees from non-operational income.
“Improved and expanded product range in key markets for the company has helped us in reporting incremental revenues for the third quarter," says Chairman Onkar S Kanwar.
"I would like to compliment my team for achieving excellent numbers amidst such challenging circumstances across geographies. This gives me confidence to invest in future growth for the company, decisions for which had been kept on hold for the past few months.”
For the first nine months of the 2013-14 fiscal year, Apollo recorded net income of 7.2 billion rupees ($117 million) on net sales of 101 billion rupees ($1.6 billion). Those totals were up 53.5% and 3.4%, respectively. Operating profit was up 29.8%.