MUMBAI, India (Nov. 12, 2013) — Apollo Tyres Ltd. reported double-digit growth in operating and net income for the quarter ended Sept. 30 on 1.7-percent higher sales.
Apollo's operating and net profits rose 16 and 44 percent, respectively, to $69.9 million and $34.6 million, while sales increased to $544.7 million. The tire maker said its European operations outperformed the group, reporting 27-percent higher sales during the period.
Speaking on the results, Apollo Chairman Onkar Kanwar said: "Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottom-line despite the challenging circumstances."
In India, Apollo's largest market, there was no OE demand increase, Mr. Kanwar said, but "healthy demand in the replacement market, especially for our products, has helped us to hold on to our topline."
He also said Apollo is planning to launch sales of the Vredestein brand in India next month.
For the six months ended Sept. 30, Apollo reported 14-percent better operating income of $134.7 million and 33-percent higher net profits of $61.2 million. Sales rose 1.2 percent to $1.05 billion.
Apollo's board of directors reiterated the company's belief in the merits of its pending acquisition of Cooper Tire & Rubber Co., saying the firm "is committed to finding a sensible way forward."
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