Apollo Tyres’ full-year earnings fall to 4.76 billion rupees

Apollo Tyres, the India-based tyre manufacturer that owns the Vredestein brand, has reported fourth-quarter 2019 financial results that show sales and earnings fell significantly. Specifically, Apollo Tyres’ total sales closed the year at 163,270 million rupees (£1.767 billion; 1.986 billion euros) compared with 175,488 million rupees (£1.899 billion; 1.986 billion euros) the year before. In Europe, sales amounted to 52.505 billion rupees (£568 million; 638.8 million euros).

Meanwhile profitability took a big hit, with the company’s full-year 2019/2020 net profit falling to 4.76 billion rupees (£51.5 million; 60.40 million euros)

Commenting on the results, Onkar S Kanwar, chairman, Apollo Tyres Ltd, said: “Along with the demand in the
replacement market, we saw some improvement in demand from OEs as well in the fourth quarter, before the
widespread disruption caused by COVID-19 put us all in an uncharted territory. Our teams across geographies
have shown great resilience and adaptability in this difficult situation; various actions have been taken at our
Operations around the world to protect our people and to ensure Business Continuity under these circumstances.
With lockdowns easing, the demand has started picking up gradually across product and market segments, giving
us some relief.”