Apollo fiscal operating income unchanged

Gurgaon, India – Apollo Tyres Ltd.’s fiscal 2016-17 operating profit was unchanged from a year ago at $290.7 million (€268 million), while net profit for the year ended 31 March slipped 2.1% to $159.9 million.

Net sales jumped 11.1% to $1.87 billion, as growth in Europe (up 36%) and other overseas markets (up 132%) overshadowed the firm’s 1.9% increase in its core Asia-Pacific/Middle-East/Africa markets.

Apollo management cited rising raw material prices, which increased sharply quarter-on-quarter, as a key reason for the impacted earnings margins. The operating margin…

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