Apollo Tyres Reports 2005 Results

Publishing its full-year 2005 results Apollo Tyres Ltd has reported that it has crossed the 30 billion-rupee turnover mark, compared 26.56 billion the previous year. Operating profit soared 35 per cent to 2.22 billion rupees while net sales grew 18 per cent to 2.64 billion rupees.

Commenting on the results, chairman and managing director Onkar S Kanwar, said: “It is the third consecutive year of high raw material costs, with a sharp increase of over 15 per cent compared to the previous year. However, our product price increases have not been in line with this. To balance the cost-push on this front, we have taken steps within the company to increase efficiencies across functions. We will have to continue to do this, since the challenge of high raw material prices will be with the industry for this year also.”