Despite positive H1 results, Apollo wary of slowing growth
Commenting on a half-year that saw the increase in Apollo Tyres’ net profit fall behind sales growth, company chairman and managing director Onkar Kanwar noted that “currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom line.” Kanwar described the “near flat growth” in India’s commercial vehicle tyre segment during the first half of the country’s fiscal year as “worrying” and a situation that “could pose a challenge in the coming quarters.” The Apollo chairman said the company’s European business is currently registering strong growth, however his view of the region remains cautious: “We are alert to the broader economic situation there and are keeping a close watch on developments,” he stated.