Apollo Tyres Net Sales Grow 33 per cent in Q1 2006-07
Apollo Tyres Ltd’s un-audited financial results for the first quarter of the 2006-07 financial year show net sales grew over 33 per cent to 757.2 billion rupees from 568 billion rupees. The company also reported that a 20 per cent growth in unit volume was led by increased radial car and truck tyre sales. Post tax profits remained stable at 1.62 billion rupees. In the past quarter Apollo has raised selling prices by around 9 per cent across its range.
Among other initiatives during this quarter, Apollo has also begun the process of a planned 100-day integration programme with the acquired Dunlop Tyres International, South Africa. Over 19 projects ranging from marketing and R&D to the integration of IT and communication systems and processes are currently said to be in “varying stages of implementation.”
Commenting on the results, Onkar S Kanwar, chairman and managing director, Apollo Tyres Ltd said: “Challenging times for the tyre industry continue to bring out the best in Apollo. We have registered very healthy growth in sales, even as we continue to battle the rising raw material prices by squeezing out all unnecessary costs. The steep hike in natural rubber prices and crude oil have left us with little alternative but to pass on some price increases to our customers. We remain confident that our customers continue to see the superior value in our offerings and the huge sales growth is reflective of their trust in us.”