Apollo Tyres profit up 19 percent in Q1 FY2013-14

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.”