Full-year sales at Apollo jump 37% to over $2500 million

ERJ staff report (DS)

Mumbai - Consolidated annual revenues at Apollo Tyres grew 37 percent to reach Rs 121.5 billion (euro 1756 million). Operating profit grew 18% to reach Rs 12 billion from Rs 10.2 billion. Net profit declined somewhat to Rs 4.1 billion from Rs 4.4 billion in the previous year

Apollo's Indian Operations' revenue grew 49% this year as compared to previous year; Europe saw a growth of 27 percent , while African Operations' also witnessed a 10 percent growth, despite challenging local circumstances. Revenues across the three main geographies are distributed thus: India 67 percent , Netherlands 23 percent and South Africa 10 percent .

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “Despite the challenging circumstances, we have crossed yet another milestone of US$ 2.5 billion in the year 2011-12. The conditions in our largest market - India, have not been easy. Same applies for the South African economy. But the positives are many -- primarily expansion of our passenger vehicle range and the launch of 3 ultra high performance tyres in Europe. In the critical truck and bus radial segment, we now enjoy a leadership position in India, and are poised for higher growth. The stability in the raw material prices, especially in the 2nd half of the fiscal, has eased some pressure on our margins.”

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Press release from Apollo