Apollo Tyres Q2 net profits up 96 per cent
Apollo Tyres has released its unaudited financial figures for the second quarter of the company's financial year 2012-13 (July to September). Net sales were up 18 per cent year on year at 33.7 billion Rupees (US$ 612.29 million), operating profit rose 55 per cent to Rs 3.8 bn (US$ 135.33 m) and net profit was up an impressive 96 per cent to Rs 1.5 bn (US$ 27.62 m).
Much of the growth was fuelled by sales in India, which grew by 24 per cent. Sales of truck and bus radials were particularly strong. There were upward trends too in South Africa and Europe.
Results for the first half of the year were equally positive, with net sales up 15 per cent to Rs 65.4 bn (US$ 1192.13 m); operating profit also rising, by 51 per cent, to Rs 7.4 bn (US$ 135.33 m) and net profit up by 87 per cent, to Rs 2.9 bn (US$ 52.91 m).
Onkar S Kanwar, Chairman of Apollo Tyres, said of the results: “Despite the challenging circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a booster dose, riding on the replacement demand; more so in India and South Africa. Our investment decision, made at a difficult time, to set up the Chennai plant is now paying off, as the market seeks more truck and bus radial tyres from us.”
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