Apollo Tyres posts a 36% rise in Q3 revenues

The Board of Directors of Apollo Tyres, country's largest tyre manufacturer, took on record the company’s unaudited results for the Q3 of the financial year 2011-12.

The company’s consolidated revenue for the 3rd quarter grew 36% to reach a net sales of Rs 32.28 billion (Rs 3228 crore).

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “All 3 geographies have performed exceptionally well amidst concerns over a slowdown throughout the last 2 quarters. The raw material prices have stabilised to some extent, but they continue to remain on the higher side and put our margins under pressure. In India, our truck-bus radial journey, which started last year, is in full swing; and with 4000 truck-bus radial tyres coming out of our Chennai plant everyday, we have already gained leadership position in this segment as well. I am confident that the next quarter would see us further consolidate our growth and profitability journey.”

“The revenue growth was led by Indian Operations with 46% increase in revenue over the same period last fiscal, followed by South Africa with 28% and Europe with 26% growth.”, said the company statement.  

Quarter 3 Consolidated Performance Highlights

FY2011-12 (October - December) vs Quarter 3 FY2010-11

·        Net sales stood at Rs 32.28 billion (Rs 3228 crore) from Rs 23.69 billion (Rs 2369 crore)

·        Operating profit stood at Rs 3.28 billion (Rs 328 crore) from Rs 2.78 billion (Rs 278 crore)

·        Net profit closed at Rs 0.98 billion (Rs 98 crore) from Rs 1.2 billion (Rs 120 crore) in the same period last year

9 months Consolidated Performance Highlights

FY2011-12 (April – December) vs FY 2010-11

·        Net sales closed at Rs 89.22 billion (Rs 8922 crores) from Rs 61.38 billion (Rs 6138 crore)

·        Operating profit stood at Rs 8.12 billion (Rs 812 crore) from nearly Rs 6.66 billion (Rs 666 crore)

·        Net profit closed at Rs 2.53 billion (Rs 253 crore) from Rs 2.48 billion (Rs 248 crore) in the previous year