ERJ staff report (DS)
Mumbai, India - Apollo Tyres has reported a 96 percent increase in net profit for the three months to September 2012. Sales revenues increased by 18 percent.
The company said sales in the period reached Rs 33 748 million (euro 485 million), up from Rs 28712 million a ear earlier. Net profit increased to Rs 1522 million from Rs 778 million a year earlier.
Speaking on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said â€œDespite the challenging
circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a
booster dose, riding on the replacement demand, more so in India and South Africa. Our investment decision,
made at a difficult time, to set up the Chennai Plant is now paying off, as the market seeks more Truck & Bus
radial tyres from us."
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Press release from Apollo