Apollo posts strong growth amid setbacks

Kochi, India – Apollo Tyres Ltd has seen strong growth in sales and profits for the first half of its financial year (ending March 2019), despite setbacks by the monsoon season in India.

For the six months to end of September, sales grew 22% year-on-year to €1.04 billion, thanks to a 26% rise in second quarter sales in India. European operations’ revenue also registered a 17% year-on-year growth in the second quarter, said Apollo 13 Nov.

Operating profit for the six-month period rose 57% to €130 million.

The performance, according to Apollo chairman Onkar Kanwar was particularly strong as two of the company’s plants were impacted by floods during the second quarter.

Additionally, the Apollo boss said his company “had to deal with transporters’ strikes in India and the volatile raw material prices” during the three months to end of September.