For the quarter ended September 30, 2014, Apollo Tyres Ltd., on a consolidated level, reported a profit of Rs. 258 crores on net sales of Rs. 3,300 crores. For the first half of the year (April-September), the company posted a profit of Rs. 486 crores on net sales of Rs. 6,536 crores. Exports registered a growth upwards of 30 per cent, which has led to a strong performance by the company’s Indian operations. However, sale of part of the African business in the last fiscal led to the company reporting flat revenue growth on a consolidated level in the second quarter and half year of this fiscal.
Net sales for the second quarter stood at Rs. 33 billion (Rs. 3,300 crores) against Rs. 34.3 billion (Rs. 3,433 crores) in the second quarter of 2013-14. Operating profit was up nine per cent at Rs. 5.1 billion (Rs. 513 crores) against Rs. 4.7 billion (Rs. 470 crores), while net profit was up by 18 per cent at Rs. 2.58 billion (Rs. 257.9 crores) from Rs. 2.2 billion (Rs. 219.5 crores).
Net sales recorded for the first half of 2014-15 was Rs. 65.36 billion (Rs. 6,536 crores) against Rs. 66.2 billion (Rs. 6,623 crores). Operating profit up by 11 per cent at Rs. 9.7 billion (Rs. 971 crores) from Rs. 8.7 billion (Rs. 875 crores), while net profit was up by 26 per cent at Rs. 4.86 billion (Rs. 485.8 crores) from Rs. 3.8 billion (Rs. 385.4 crores).
Commenting on the results, Mr. Onkar S. Kanwar, Chairman, Apollo Tyres Ltd., said: “Our 18-24 months of planning and smart execution has resulted in incremental exports out of India, and with additional demand for our products in the Middle East and ASEAN region, we expect this to grow further. Taking into account the export growth and the expected revival of the commercial vehicle segment in India, our expansion projects in Chennai and Kochi, both in the southern part of India, are moving ahead full steam.”
Sunam Sarkar redesignated as Chief Business Officer
Apollo Tyres has announced the redesignation of Mr. Sunam Sarkar, its President and Chief Financial Officer, as President and Chief Business Officer and his relocation to Singapore. In his new assignment, Mr. Sunam will oversee Corporate Strategy, Integrated Supply Chain, including Raw Material Sourcing, Production Planning and Logistics Operations, Information Technology, Greater China Operations, Corporate Social Responsibility and Corporate Communications. Mr. Sunam joined Apollo in 1999 to head its Marketing Division and has since successfully undertaken stints in Corporate Strategy, Operations and Finance. He joined the Board of Directors in 2004 and continues as an Executive Director. He will continue as the CFO of the company until a replacement is announced. |
