Apollo Tyres Net Profits Fall Almost 90%
Apollo’s statement on the subject explained that the Indian tyre maker has seen supplies to OEMs fall 43 per cent in terms of value due to sharp cutbacks in vehicle production. However, on a positive note, exports to are reported to have generated 37 per cent more turnover in the third quarter of 2008 than in the same period in 2007. Apollo also recorded growth in passenger car replace tyre sales, which grew 11 per cent over the same quarter last year.
Commenting on the results, Onkar S Kanwar, chairman and managing director, Apollo Tyres Ltd, said: “The past six months have been very challenging for the automotive industry and our results are a reflection of the situation. Production cuts by OEMs have naturally also impacted us. But we see the tide changing gradually and I am looking forward to the last quarter of this year.”