India’s Apollo Tyres’ Sales Jump

Indian tyre Manufacturer, Apollo Tyres is expecting sales to increase 18 per cent, a company official has said. Last year the company recorded sales of 23.14 billion rupees and this year expects to see sales rise to almost 27.3 billion rupees, nearly £327.8 million.

“We will maintain 18 per cent growth in sales. It would be more than double of the projected industry growth rate of 8 percent,” Neeraj Kanwar, chief operating officer at Apollo, told a news conference. At the same time Mr Kanwar warned that the profit margins of tyre companies are under pressure due to spiralling costs of raw materials.