GURGAON, India (May 12, 2006) — Apollo Tyres Ltd. recorded double-digit increases in sales, production and earnings in fiscal 2006, overcoming higher raw material costs with internal efficiency improvements.
Apollo, which is stepping into the international market more deeply with its acquisition of Dunlop Tyres International (Pty.) Ltd., reported 15-percent higher net income last year of $17.7 million on 18-percent higher sales of $682.3 million for the year ended March 31.
During the year Apollo broadened its business, launching its own alloy wheel subsidary, Acelere Wheelz, setting up 160 tire repair stations across India and creating a network of “Expert Tyre Fitter” truck service outlets.
Apollo recently concluded its $62 million acquisition of Dunlop Tyres International. Adding Durban, South Africa-based Dunlop Tyres will increase Apollo's annual sales by about $250 million.
Tyres International Inc. of Stow, Ohio, is the North American agent for Apollo Tyres.