Apollo Tyres Sales Up 60%
Apollo Tyres Ltd’s second quarter 2009/10 results show the company achieved 20.46 billion rupees (£269.8 million; 296.8 million euros; $443 million) of consolidated revenue in the period, up 62 per cent over the same period last year. Operating profit totalled 2.9 billion rupees (£38.278 million; 42.151 million euros; US$ 62.872) more than tripling the 818.3 million rupees the company brought in the year before.
Onkar S Kanwar, chairman, Apollo Tyres, commented: “The steady growth achieved by Apollo Tyres despite rising raw material prices reflects the true spirit of our most valuable asset, the employees. In the quarter under review, higher raw material costs were absorbed by the company in order to protect consumers’ interest. This was possible only because of our continued emphasis on managing costs and efficiencies internally, which began in the first quarter of the last financial year.”