The board of directors of Apollo Tyres Ltd. approved the company’s unaudited results for the first quarter of the financial year 2019-20.

For the quarter which ended June 30, Apollo, on a consolidated level, reported a profit of Rs 142 crores (about $20.38 million) on the net sales of Rs 4272 crores (about 614.72 million). The net sales remained positive aided by growth in the replacement segment, both in commercial vehicle and passenger vehicle segment in India. While Indian operations’ revenue was up 1%, European operations’ revenue also grew 5% during the quarter.

“Today, India lies on the cusp of great opportunity. A strong government is in place with a renewed mandate and a commitment to keep India at the top of the global economic order. The environment around us is not easy, with trade wars, protectionism and uncertainty around the world. But India has the potential, the ability and the leadership to break free of these shackles and lead global economic growth,” Onkar S Kanwar, chairman of Apollo Tyres, said during the company’s general meeting July 31. “Like the country, at Apollo too everyone has been working with a single-minded focus to realize our Vision 2020 of becoming ‘a premier tyre company with a diversified and multinational presence.’  To achieve our vision, we continued to focus on our key objectives of ‘building leadership in India,’ ‘premiumization in Europe,’ and ‘exploring strategically attractive markets where we are currently not represented’ during the year.'”

Apollo Tyres manufactures tires under the Apollo and Vredestein brands, which are comprised of tires for passenger, commercial and off-highway vehicles. Its Regal and Kaizen brands focus on the truck-bus tire segment, according to Apollo Tyres website.

Earlier this year, the company launched the Vredestein Quatrac Pro, an all-weather UHP tire.