Apollo Announces Results, Projects
Gurgaon, India, January 15, 2008: The board of directors of Apollo Tyres Ltd, on January 15 announced the company’s unaudited results for the third quarter of the financial year 2007-08. The board also approved investments of Rs 3.6 billion (£46.8 million) for various green and brown field projects to be implemented in India.
Net sales for the companies India & overseas operations closed at Rs 12.4 billion (£161.1 million) up 14 per cent £140.3 million) from Rs 10.8 billion. Operating profit rose by 60 per cent, and net profit, at Rs 820 million (£10.7 million), increased by 165 per cent.
Commenting on the results, Onkar S Kanwar, Apollo chairman & managing director, said: “This is the kind of steady growth that we are looking to maintain in India, South Africa or any other market that we work in, in the near future. Our strength in manufacturing and people are assets, and Indian companies need to leverage these to ensure that we build Brand India as a quality manufacturer of products and services.”