ERJ staff report (SS)
Gurgaon, India -- Apollo Tyres Ltd has reported a 165 percent increase in its consolidated net profit, fromÂ Rs 308.6 million (Euro 53.2 million) Â toÂ Rs 820 million for Q3 2007/8 ending 31 Dec 2007, compared to the same period in 2006.
The company's net sales for its India and South Africa operations increased by 14 percent to Rs 10800 million compared to Rs 12400 million in 2006, and its operating profit improved by 60 percent.
Apollo's net sales for its standalone India operations also rose to Rs 9700 million from Rs 8500 million year-on-year, and its net profit increased by 77 percent to Rs 621.7.
The company also recorded a 41 percent improvement in operating profitsÂ to Rs 1309 million Â and overall exports were up by 24 percent and exports of passenger car radials increased by 70 percent.
â€œThis is the kind of steady growth that we are looking to maintain in India, South Africa or any other market that we work in, in the near future,â€ said Onkar S Kanwar, chairman and managing director of Apollo Tyres Ltd, in a 15 Jan statement.
â€œOur strength in manufacturing and people are assets, and Indian companies need to leverage these to ensure that we build brand India as a quality manufacturer of products and services,â€ he added.
The company also announced that it will allocate over Rs 1000 million for the setting up of a 10 tonnes a day Off-The-Road tyres or OTR facility at the company's flagship manufacturing unit in Limda, outside Baroda city in Gujarat.
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Results from Apollo