Apollo still confident of global growth

In an interview with the Hindu Business Line, Apollo Tyres vice-chairman and managing director Neeraj Kanwar stated he expects to see more gains like those the company experienced in Europe during the second quarter of the financial year. “The trend will continue, Kanwar told the paper. “Already we are seeing good growth even in Q3. In fact, in Europe, Q3 will be much better than Q2, both on sales and profitability.”

Strength in Europe during the second quarter came through sales of winter tyres and Neeraj Kanwar noted that summer tyres have not been a strong point for Apollo in this region. This may soon change, he added: “Now our (summer) tyres have been rated number one or number two – technology wise – by the leading German magazines. So, we are very optimistic in selling them in the summer market.” Kanwar also shared that he doesn’t currently foresee the Eurozone Crisis impacting upon Apollo’s European business.

In regards to other regional markets, the vice-chairman and managing director said there will be “no slowing down” on the company’s plans for Southeast Asian markets in 2012-13 and that Apollo is trying to open up new markets in Africa and Latin America, including Nigeria, Ghana, Brazil and Argentina, through its Apollo Tyres South Africa business. “We have already started selling in some of these countries,” he said.