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Apollo Tyres: Cost of raw materials, chip shortage impacts on operating performance

For the three months to 30 September 2021, the second quarter of its 2021-22 financial year, Apollo Tyres reports consolidated revenue of Rs 50.77 billion (£493.84 million). This represents an 18 per cent increase over the same period of the previous fiscal year. EBITDA decreased 9.8 per cent year-on-year, to Rs 6.38 billion (£62.06 million) with a margin of 12.6 per cent (16.5 per cent in Q2 2020-21). Net profit amounted to Rs 1.74 billion (£16.93 million).

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  1. Apollo Tyres maintains turnover, increases profits
  2. Apollo Tyres looking for ‘healthy topline growth’ after 22% sales increase in FY 2017-18
  3. Apollo Tyres: Stable sales in Europe, but profits further in the red
  4. Apollo Tyres: Net profits up 155% in Q3 2020-21
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UK September car production hits four-decade low

UK car production fell 41.5 per cent in September, the third consecutive month of decline, with 67,169 cars manufactured – the worst performing September since 1982 – according to the latest figures released this week by the Society of Motor Manufacturers and Traders (SMMT).

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  1. UK automotive production drops again as investment dries up
  2. SMMT: 1 in 3 auto sector firms shedding jobs ahead of no-deal Brexit
  3. SMMT calls again for “ambitious” EU trade deal as UK car production drops 16.5% in November
  4. UK car manufacturing down 18% in October
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Michelin: YTD sales up 15.6% to €17.2 billion

Year-on-year comparisons of financial performance tell us arguably more about global events than an individual company’s economic trajectory at the moment. Thus, it came as no surprise a few months back when Michelin reported much healthier first-half results compared with pandemic-riddled 2020. Similarly, eyebrows aren’t raised now when the company notes the impact of rising materials, shipping and energy costs as well as a shortage of semiconductors and labour shortages upon its performance in Q3 2021.

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  1. Michelin reports reduced sales, income for 2020
  2. Michelin: Volumes up 7.5% in Q1 2021
  3. Goodyear defers dividend as volumes drop 18% in Q1 2020
  4. Nokian Tyres: Lower sales & earnings in 2020
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Continental revises 2021 outlook

In light of a range of factors such as ongoing semiconductor supply issues and supply chain uncertainties, Continental has adjusted its outlook for the 2021 fiscal year. Assuming exchange rates in Q4 2021 don’t materially differ to those on 30 September 2021, Continental expects consolidated sales of approximately €32.5 billion to €33.5 billion (as opposed to the projected figure of €33.5 billion to €34.5 billion announced on 5 August) and an adjusted EBIT margin in the range of approximately 5.2 to 5.6 per cent (previously 6.5 to 7.0%).

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  1. Stronger euro hits Continental in Q1 2018
  2. Continental Q3 2018 results
  3. Less optimistic: Continental revises 2019 outlook, announces preliminary Q2 results
  4. Tyre business drives Continental’s profits
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Geneva International Motor Show postponed to 2023

The organiser of the Geneva International Motor Show (GIMS) has announced the event’s cancellation for a second year. Comité permanent du Salon international de l’automobile states that it was “forced to postpone the event to 2023” due to “industry-wide issues relating to the COVID-19 pandemic.”

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  1. Coronavirus threatens Geneva, but Motor Show will go on
  2. Coronavirus – Geneva Motor Show cancelled as Switzerland bans large events
  3. New Geneva Motor Show CEO appointed
  4. Geneva Motor Show 2021 “very uncertain”
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