Apollo Tyres continues European turnaround

Apollo Tyres reported substantially improved key results at the start of its new financial year, which runs from 1 April 2021 to 31 March 2022. The Indian tyre maker, owner of the Vredestein brand since 2009, reported a 59.5 per cent increase in sales during the three months to 30 June.

Its business in Europe, on the other hand, grew by ‘only’ 28.3 per cent in the same period. Nevertheless, for the new financial year, Apollo Tyres underlined the turnaround in Europe, which began in the 2020/21 financial year after sluggish performance in recent times, continued in the first quarter of the new year.

Group-wide margins remain comparatively low at 5.8 per cent and in Europe at 3.9 per cent. Apollo Tires in Europe closed the past financial year with a return on sales of 1.1 per cent, compared with -1.1 per cent the previous year.