Gurgaon, India – India’s Apollo Tyres has posted a 27-percent growth in net profit for the first nine months of fiscal year 2016 (April-December 2015) at Rs 8.48 billion (€110.4 million).
“Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers. This, in addition to the increasing import of cheap tires into the country, has impacted our revenues,” said Onkar Kanwar, chairman, Apollo Tyres Ltd.
Sales were down at Rs 87.42 billion compared to Rs 95.92 billion for the same period last year, while earnings (EBITDA) were rose by 5 percent at Rs 15.41 billion against Rs 14.72 billion the previous year.
In the meantime, Apollo's board of directors approved the appointment of Padma Bhushan Shri Vinod Rai, former comptroller and auditor general of India, as additional director (independent), and Francesco Gori, ex-CEO of Pirelli Tyres and advisor for strategy, Apollo Tyres Ltd, and additional director (non-independent).