Apollo Tyres Sets Goal of $5B in Sales by 2026

Apollo Tyres Sets Goal of $5B in Sales by 2026

Despite a net loss in the first quarter of the fiscal year, Apollo Tyres future-proofed its business in response to the pandemic, its Chairman Onkar Kanwar said at the company's annual meeting.

Onkar Kanwar, chairman of Apollo Tyres Ltd, updated shareholders on the fiscal year that ended March 31 at the company’s 48th annual general meeting.

Kanwar said during the financial year of 2020-2021, the COVID-19 pandemic lead to adaptation and new ways of working.

“As a global company with plants in three countries and employees in many more, it was a challenging time for us as we had to understand multiple scenarios,” Kanwar said. “The situation was different in each country and also kept changing fast. We could not have a uniformity of approach and had to learn quickly to live with the added complexity. I think the first and foremost focus of the leadership was to ensure the safety of all our Apollo family members who were working in the plants, at offices and from home.”

As India faced lockdowns and mass migrations out of cities, the economy declined and so did demand, Kanwar said. For the first time in over two decades, Apollo Tyres announced a net loss in the first quarter of the fiscal year.

According to Kanwar, the company shifted its focus to reducing costs and enhancing manufacturing efficiency. “It is my firm belief that we need to drive unnecessary cost out of our business, as that is the delta between a profitable and a losing organization in this increasingly global industry.”

Kanwar said the strategy of future-proofing the company, even during the pandemic, helped to commission a manufacturing plant in Andhra Pradesh, the seventh global unit, and the fifth in India. In addition, the company also started a two-wheeler radial tire facility in Gujarat, India.

While adjusting to the pandemic, business continued as usual, according to Kanwar.

“We did product launches, expanded our dealer network, but virtually and digitally,” Kanwar said. “We virtually launched the new identity of our product brand Vredestein, and this will allow us to position the brand, which has a legacy of over 110 years, as an even more premium brand and take our marketing activities to the next level.”

Kanwar said the Americas is a large market for the company, and this year saw the launch of Vredestein brand and its specially designed product portfolio for the North American market. Kanwar added, “The response has been extremely good, and we hope to make a mark with our products in the next few years.”

As for the future, Kanwar has set the goal of reaching $5 billion in sales by fiscal year 2025-2026.

“I am confident that with your support and the drive of our people, we will reach the target,” Kanwar said. “Your support is highly valued and the company’s success is an indication of the faith you have always bestowed upon us. The support that we continue to receive from our banks, financial institutions and the governments wherever we operate, enables us to plan for the future. With all of this we shall continue to grow together as Apollo. One family.”

You May Also Like

GRI appoints new director of North America

Ydo Doornbos has spent 29 years in the tire industry, and will now lead GRI’s efforts to expand the company in the North American market.

GRI-Ydo-Doornbos

GRI has appointed Ydo Doornbos as director of North America. With a career spanning 29 years in the tire industry in various management roles, Doornbos began in 1995 with a six-month internship at Monarch Industrial Tires in the USA. He moved on to Trelleborg Wheel Systems (TWS) as the regional sales & operations manager in Europe for the Monarch brand and was then promoted to marketing manager Europe for the TWS Industrial Tires division.

Nexen Tire America details its 2024 U.S. motorsports program

Nexen Tire Motorsports drivers competed at the “Streets of Long Beach” Pro Championship event using the company’s N’Fera Sport R tire.

Nexen-Tire-America-2024-motorsports
Chapel Hill Tire opens 12th location in Durham, NC

Chapel Hill Tire said the new Durham location will offer everything from routine maintenance to complex repairs.

Chapel-Hill-new-location
Hankook acquires additional stake in thermal management systems company, Hanon Systems

Hankook & Company Group said it will hold a 50.53% stake in Hanon Systems and take management rights as the largest shareholder.

Handshake agreement
PRT launches 59 new complete strut assemblies

Extending PRT’s product portfolio in North America, the new release represents nearly 12M vehicles in new coverage.

PRT-Strut

Other Posts

Tire Discounters partners with the Atlanta Braves for home run promotion

For every home run hit by the Braves this year in a game, Tire Discounters will give fans discounts on Goodyear/Cooper tires.

Michelin sponsors WWII vets’ return to Normandy for D-Day 80th anniversary

WWII vets will participate in several parades, ceremonies and celebrations during their 10-day tour of the Normandy region.

Michelin-DAL_NORMANDY
McCarthy Tire Service partners with Truckers Against Trafficking

McCarthy Tire Service has launched a company policy aimed at identifying and reporting potential human trafficking situations.

McCarthy-tire-TAT