Apollo doubles sales in Q3, profit grows strongly

ERJ staff report (DS)

Gurgaon, India -- Apollo Tyres has reported sles up by 108 percent in the three months to December 2009 in comparison with the same period a year ago. The company said net consolidated sales rose to Rs 22.96 billion (euro 355 million) from Rs 11 billion a year ago. Net profit grew multiple times to Rs 1.8 billion (euro 27.8 million) from Rs 89 million a year ago.

In the nine months to December 2009, net sales rose by 62% to Rs 59.7 billion from Rs 36.8 billion while net profit grew by 372% to Rs 3.9 billion from Rs 827 million.

Speaking on the results Onkar S Kanwar, Chairman, Apollo Tyres Ltd said: “It's been a remarkable performance both in terms of the October-December quarter, as well as the nine months of the year. While India continues to bring in about 60% of the revenues, what is heartening is the performance of our Netherlands and South African Operations. This all-round show has led to higher profitability and vindicated the worth of our acquisitions and integration process.”

Operations in India saw strong -- though less spectacular -- growth. Net sales moved up by 47% to Rs 13.2 billion (1323 crores) from Rs 9 billion (Rs 903 crores), while net profit passed the Rs 1 billion mark from Rs 55 million.

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