Apollo tires sees a 37% growth in 2011-2012

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Apollo Tyres Ltd, has announced its financial results for the 4th quarter of the 2011-12 fiscal year.
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* H# Z; o: s) r- u2 h9 D% qThe Indian company has seen an 18% growth in operating income, off the back of sales that grew 37%, the equivalent of US. $2.5bn. Despite this, Apollo’s net profit fell by some 6.8% over the same period.
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“Despite the challenging circumstances, we have crossed yet another milestone of US$ 2.5 billion in the year 2011‐12,” Said Onkar S Kanwar, Chairman, Apollo Tyres Ltd. “The conditions in our largest market – India, have not been easy. And the same applies for the South African economy. But the positives are many. The stability in the raw material prices, especially in the 2nd half of the fiscal, has eased some pressure on our margins.”

Regionally, the biggest area of growth was in Apollo’s domestic market, with revenue growing 49% - an attribute Kanwar places on the truck and bus radial segment. Elsewhere, Apollo’s growth in Europe stood at 27%, whilst movement in Africa saw a growth of 10%.
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“We are in a growth and planning mode across our operations,” added Kanwar. “We are working towards faster market expansion outside India; and are therefore, seeking ways to fulfill this higher demand with additional capacities.”

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5 ^. h* ^3 l0 e0 T2 Z* oLook out for an exclusive interview with Onkar S Kanwar in the forthcoming issue of Tire Technology magazine