Chennai, India – Apollo Tyres Ltd. has seen its full year sales and profit rise year-on-year, particularly helped by a robust performance across all segments in India.
Operating profit for the year ended 31 March was up 44% at Rs28 billion (€323 million), on 6% higher sales of Rs174 billion, Apollo announced 12 May. Net profit more than doubled at Rs9.5 billion.
For the final quarter of the year, Apollo posted a 39% growth in sales to Rs50 billion, while operating profit was up 70% at Rs8.1 billion.
Apollo linked the growth to a strong performance by its Indian operations, which posted a 49% increase in fourth quarter revenue at Rs.36 billion. For the full year, the business posted a 6% growth in sales to Rs11.7 billion.
Similarly, the company’s European operations’ revenue, including the Reifen unit, was up 20% in the final quarter of the year at Rs1.4 billion. Over the course of the year, European sales were up 8% at Rs.56 billion.
“What started as an extremely challenging year, with lockdowns across geographies, ended on a very healthy note for us with robust revenue growth across market segments and geographies,” said chairman Onkar Kanwar.
The year ahead, he went on to say, will be challenging as demand is impacted by lockdowns and margins hit by rising raw material prices.