Apollo Tyres Ltd. reported a net profit of $88.6 million on net sales of $904.6 million for the first six months of its 2015-16 financial year.
Profits for the first half of the fiscal year (April-September) are 17% higher than the same period in 2014-15. In addition, operating profit was up by 6% at $160.1 million.
While Indian operations reported flat revenues, delayed onset of winters in Europe resulted in lesser than expected sales and pre-orders for winter tires, adversely impacting the company’s European Operations, According to Apollo.
“Despite the increasing import of truck-bus radials (TBR), which continues unabated into India, we have been able to hold on to our revenues,” said Onkar Kanwar, chairman. “In the July-September quarter, the TBR imports increased almost 100%, as compared to the same period last year, of which the economy/Chinese brands contributed nearly 90%. The problem of low cost imports is putting at risk the entire ‘Make in India’ clarion call by the Indian government.”