GURUGRAM, India — Apollo Tyres Ltd. has ended its financial year on a strong note, reporting growth both in sales and operating profit.
For the year ending March 31, operating profit grew 34% year-on-year to $535.5 million, on 3% higher sales of $3 billion, Apollo announced May 14.
Net profit was up 65% at $207.4 million, despite a "slight impact" of provisions for extended producer responsibility (EPR), as mandated by the Indian government.
In terms of sales, Apollo said both its Indian and European operations' revenue grew in single digits for the full year and in the fourth quarter.
In Europe, Apollo's performance "has been much better than the overall market, with market share gains across product categories," said Chairman Onkar Kanwar.
Going forward, Kanwar said the demand scenario was "looking good" for different product segments across the company's key geographies.
