For Apollo Tyres, the 2013 financial year ended on March 31, and the tiremaker reports that its profit was up almost 50% for the full year.
Apollo’s net profit for its recent fiscal year amounted to Rs 6.1 billion, a 48.8% year-on-year increase on the Rs 4.1 billion earned in the previous financial year. Net sales rose 5.3% to Rs 127.9 billion and operating profit increased 29.2% to Rs 15.5 billion.
Within the 12-month period, revenue at Apollo’s Indian operation grew 4% year-on-year to Rs 85.1 billion, European operation revenue increased 5% to Rs 29.9 billion and, despite what the company calls “challenging local circumstances,” revenue at Apollo’s African operation grew 15% to Rs 15.0 billion.
On a consolidated level, the break-up of revenues across the three geographies are: India 65%, Europe 23% and South Africa 12%.
Commenting on the results, company chairman Onkar Kanwar said: “Our continued focus on improving our product and customer mix across geographies has helped us to hold on to our topline, despite the extremely challenging circumstances arising out of broader economic concerns. A positive for us is the growth in the commercial vehicle segment in India in the new fiscal, after witnessing flat (or negative) growth in the past year. I believe that the worst is behind us, and we should see improvement in both automotive and tire sales going forward.
“As a company we continue to seek ways to move beyond the prevailing adverse business conditions and concentrating on newer markets and to provide our customers with better products that match their evolving needs,” Kanwar added. (Tyres & Accessories)
