The board of directors of Apollo Tyres has approved the company’s unaudited results for the first quarter of the financial year 2016-17.
For the quarter ended June 30, 2016, Apollo Tyres, on a consolidated level, reported a profit of INR 3.15bn (US$47m) on net sales of INR 32.85bn (US$490m). While Indian operations clocked revenue growth of 6% in the first quarter of the current fiscal, compared with the same period last year, European operations revenue grew by 10%. Some of the new products introduced into the Indian market, including the newly launched two-wheeler tires, have seen good demand, especially in the replacement market. Similarly, European operations reported increased sales of passenger vehicle tires.
Onkar S Kanwar, chairman, Apollo Tyres, said, “Despite the challenges posed by Chinese imports, we have seen increased demand for our products from both OEMs and the replacement market across product categories in India. Our newly launched two-wheeler tires have also been very well accepted by customers. With the increased truck-bus radial capacity kicking-in the next two to three months, we are well poised for higher-volume growth. With the SAP issues resolved successfully in the past quarter, European operations has also grown in the past quarter.”
