Apollo Tyres maintains turnover, increases profits

In the three months to 31 December 2015 – the third quarter of its 2015-16 financial year – Apollo Tyres achieved sales of Rs 29.29 billion (£298.0 million), 3.7 per cent less than a year earlier. Commenting on this performance, company chairman Onkar S Kanwar, Chairman said that revenues remained essentially flat despite increased volumes, particular in India, as “we have passed on the benefit of cooling raw material prices to our customers.” Revenues were also impacted by the “increasing import of cheap tyres” into India, he added.

Third quarter EBITDA stood at Rs 5.12 billion (£52.1 million), up 2.0 per cent year-on-year, while net profit rose 51.6 per cent to at Rs 2.79 billion (£28.4 million).