Further growth for Apollo Tyres in prior quarter
For the third quarter of its financial year – October to December 2013 – Apollo Tyres reports an 8.0 per cent year-on-year rise in consolidated revenue to Rs 34.75 billion (£336.1 million). Operating profit increased 51.2 per cent to Rs 6.19 billion (£66.7 million), a result that includes exceptional items of Rs 1.12 billion (£10.8 million) from non-operational income, and a 17.8 per cent operating margin. Net profit, including the aforementioned non-operational income, rose 86.7 per cent to Rs 3.38 billion (£32.7 million).
Commenting on the results, Apollo Tyres Ltd chairman Onkar S Kanwar said: “Improved and expanded product range in key markets for the company has helped us in reporting incremental revenues for the third quarter. I would like to compliment my team for achieving excellent numbers amidst such challenging circumstances across geographies. This gives me confidence to invest in future growth for the company, decisions for which had been kept on hold for the past few months.”