Apollo posts 11% rise in Q1 revenues

ERJ staff report (DS)

Kochi, Kerala -- Apollo Tyres Ltd's consolidated revenue for the three months to June 2010 grew 11 percent to reach a net sales of Rs 18.2 billion (299 million euro) from the previous year's Rs 16.3 billion. Operating profits were level at Rs 2020 million.

An investment of Euro 6.6 million is being undertaken at the Enschede manufacturing unit in the Netherlands to increase the plant's capacity from the current 5.1 million to 6 million tyres a year. Similarly, South Africa will be absorbing investments of US$ 30 million for expansion and equipment upgradation in the Durban and Ladysmith plants.

The Chennai Greenfield in India which began production in the previous quarter is expected to be completed by the end of the year. The Board has already sanctioned a further Rs 3 billion investment to the existing Rs 20 billion taking the total to Rs 23 billion.

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Press release from source