ERJ staff report (BC)
Gurgaon, India – Apollo Tyres has announced unaudited results for the first quarter of financial 2013-14 (April to June):
• Net sales of Rs 31.9 billion (€437.7m), virtually unchanged from same quarter last year
• Operating profit of Rs 4.04 billion (€55.5m), up 12 percent
• Net profit of Rs 1.66 billion (€22.8m), up 19%
• Revenue on European operations up 6 percent
• Net sales of South African operations up 13 percent.
Chairman Onkar S Kanwar said: “It is a challenging time for the automotive industry, with sales slowing for most vehicle makers. However, our leadership in the high-margin truck/bus radial segment in India, along with an increased focus on the replacement market across geographies, has helped us increase our profitability.”