In the three months to 31 December 2015 – the third quarter of its 2015-16 financial year – Apollo Tyres achieved sales of Rs 29.29 billion (£298.0 million), 3.7 per cent less than a year earlier. Third quarter EBITDA stood at Rs 5.12 billion (£52.1 million), up 2.0 per cent year-on-year, while net profit rose 51.6 per cent to at Rs 2.79 billion (£28.4 million).
Only quite recently Apollo Tyres Ltd gave word that truck and bus tyre production capacity at its factory Chennai, India would increase from 6,000 to around 9,000 tyres per day, yet the company has now announced a further truck and bus tyre capacity boost for the plant. A filing submitted to the BSE following a meeting of Apollo’s Board of Directors on 11 August shares the tyre maker’s plan of outlaying a capital expenditure of Rs 12 billion (£118.7 million) to further expand truck and bus radial capacity in Chennai from the currently planned 8,900 tyres per day to 12,000 tyres per day.
Unaudited financial results for the first quarter of Apollo Tyre Ltd’s 2015-16 financial year were released yesterday, and these show a year-on-year rise in the company’s operating and net profits despite lower net sales.
Falling natural rubber prices have driven output in India down, and many anticipate that tapping of natural rubber will soon reach its lowest point in almost two decades. Last month the state of Kerala announced an Rs 150 (£1.51) per kilogramme subsidy to help small-scale producers, however Onkar Kanwar believes that subsidy programme such as this can only be of limited help.
The Board of Directors of Apollo Tyres Ltd today approved the company’s audited financial results for the fourth quarter (January to March) and the entire 2014-15 financial year. At the same time, the Board recommended a dividend payout of 200 per cent, to be approved by the shareholders at the tyre maker’s Annual General Meeting later in the year.
Apollo Tyres Ltd has reported consolidated revenue for the nine months (April to December) of FY15 closed at s 96.270 billion rupees (£1.018 billion; 1.369 billion euros; 1.552 billion). Pre-tax profits (EBITDA), without exceptional items, stood at 14.72 billion rupees (£155.682 million; 209.404 million euros; $237.372), up 0.9 billion rupees compared to the same period […]
Net profit went up 17.5 per cent in the second quarter of Apollo Tyres Ltd’s 2014-15 financial year, the company reported on 10 November. This positive result was achieved despite a slight decrease in net income from operations, and reflects a growth in exports from India and healthy performance in Europe.
Onkar Kanwar has used the opportunity afforded by his company’s 41st Annual General Meeting to share Apollo Tyres’ view of why the planned acquisition of Cooper Tire & Rubber never materialised. The Apollo chairman also spoke on upcoming plans and the market opportunities and challenges the tyre maker has identified.
During the BRICS summit taking place in Brazil today and tomorrow, Apollo Tyres’ chairman Onkar Kanwar will lead a five-member business delegation and present a report from the BRICS business council to the Brazilian, Russian, Indian, Chinese and South African heads of state. The council has identified five areas where the BRICS countries can explore business opportunities – infrastructure, manufacturing, financial services, energy and green economy and skills development. “Each country can support the other and take part in each other’s respective growth and development programmes,” Kanwar, who is chairman of the BRICS Business Council (India), told Indian news daily the Hindustan Times.
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