Suppliers

Apollo's 3Q Results Feature Increased Profitability

Posted on February 9, 2016

Apollo Tyres Ltd. posted net income of 2.8 billion rupees on net sales of 29.3 billion rupees for its third quarter ended Dec. 31, 2015. That compares to income of 1.8 billion rupees on sales of nearly 30.4 billion rupees for the same period a year earlier.

Based on the exchange rate on Dec. 31, 2015, Apollo recorded net income of $42.2 million on net sales of $443 million for the third quarter. Its income-to-sales ratio was 9.5%, compared to 5.9% a year ago.

The company's operating income was up 2%, from 5.02 billion rupees to 5.12 billion rupees ($77.4 million).

“Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers," says Apollo Chairman Onkar S Kanwar. "This, in addition to the increasing import of cheap tires into the country, has impacted our revenues.”

Through nine months of its 2015-2016 fiscal year, Apollo has recorded net income of 8.5 billion rupees on net sales of 87.4 billion rupees. That compares to income of 6.7 billion rupees on sales of 95.9 billion rupees for the first nine months of its previous fiscal year.

For information on Apollo's previous financial reports, check out these links:

"Apollo Increases Net Profits in 2Q."

"Less Sales, More Profit for Apollo."

Related Topics: Apollo financials, Onkar S Kanwar, raw material costs

Comments ( 0 )
More Stories
The new Proxes Sport has a 25,000-mile tread wear warranty and is backed by the Toyo Tires 500 Mile Trial Offer.
News Toyo Brings New Proxes Sport to the U.S. Market

The new Proxes Sport max performance summer tire from Toyo Tire U.S.A. Corp. is now available in the United States. 

Ateq says it is the first to market Aliligator Sens.it dual-band TPMS sensor.
Product Ateq Releases a Dual-Frequency TPMS Sensor

Ateq TPMS Tools LC has introduced a dual-frequency sensor designed to program sensors of both 315 and 433 frequencies.

The Giti GDL633 FS features seven circumferential grooves to move water.
News Giti Expands Ultra-Wide-Base Tire Lineup

Giti Tire (USA) Ltd. is amping up its lineup of ultra-wide-base tires with two new offerings, the GDL633 FS for the drive axle position and the GTL933 FS for trailers in long haul applications.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!