Apollo sales up in Q3; margins remain under pressure
Net sales at Apollo Tyres increased 36 per cent year-on-year to Rs 32.28 billion (£404.75 million) in the third quarter of the 2011-12 financial year. In the three month period, which ended 31 December 2011, the tyre maker also achieved an operating profit of Rs 3.28 billion (£41.13 million), a rise of 18 per cent. Net profit, at Rs 980 million (£12.29 million), was 18.3 per cent down on the corresponding quarter a year earlier. Breaking net sales down by geographic region, the Indian tyre maker’s domestic operation generated revenue of Rs 20.93 billion (£262.43 million) during the quarter, up 46.2 per cent year-on-year, while European revenue rose 26 per cent to Rs 8.20 billion (£102.78 million) and South Africa revenue grew 28 per cent to Rs 3.83 billion (£48.04 million).