Apollo Tyres half-year sales up 50%

ERJ staff report (LMH)

Gurgaon, India - Indian tyre maker Apollo Tyres' has reported a 51-percent increase in sales in the first half of fiscal 11-12 (April-September) at Rs 56.9 billion (Euro 831 million). Net profit for the six months was Rs 1.5 billion, up 22 percent year-on-year.

In the second quarter ended 30 Sept 2011, Apollo posted sales of Rs 28.7 billion, up 22 percent from the same period in 2010. Profit for the quarter was up 46 percent at Rs 0.8 billion.

”While our top-line has grown across georgraphies, currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom-line,” said Onkar S Kanwar, chairman of Apollo Tyres.

The near flat growth in the first half of the fiscal in the commercial vehicle tyre segment in India is worrying and could pose a challenge in the coming quarters. While our European business is currently registering strong growth we are alert to the broader economic situation there and are keeping a close watch on developments,” he added.

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Press release from Apollo Tyres