KERALA, India — Indian tire maker Apollo Tyres Ltd. posted double-digit increases in sales and operating profits for the fiscal year ended March 31.
Operating profits and sales both rose 18%, to $299.2 million and $2.47 billion, respectively, gains Apollo attributed to a "strong performance" in the commercial vehicle segment, especially truck radials in India, and passenger car tires in Europe.
India represented 66% of global sales, while Europe represented 30%. The remainder was attributed to "other geographies."
"Considering the headwinds, we have managed a healthy volume growth across geographies for the full year," Apollo Chairman Onkar Kanwar said.
In the fourth quarter, however, the bottom line was impacted by a 10% increase in raw materials prices and write-offs for Indian infrastructure and finance company ILFS, Mr. Kanwar noted.
With "green shoots already visible in the replacement market," Mr. Kanwar said he was optimistic that sales would pick up in India after national elections.
"European operations … will continue with its strong performance on the back of increased supplies from Hungary," Apollo's chairman concluded.