Apollo Tyres posts a 36% rise in Q3 revenues

Apollo Tyres posts a 36% rise in Q3 revenues

Apollo Tyres posts a 36% rise in Q3 revenues Net sales for the 9-months of April to December reaches Rs 89 billion



February 9, 2012

The Board of Directors of Apollo Tyres Ltd today took on record the company’s unaudited results for the 3rd quarter of the financial year 2011-12.

Apollo Tyres Ltd’s consolidated revenue for the 3rd quarter grew 36% to reach a net sales of Rs 32.28 billion (Rs 3228 crore). The revenue growth was led by Indian Operations with 46% increase in revenue over the same period last fiscal, followed by South Africa with 28% and Europe with 26% growth.

Quarter 3 Consolidated Performance Highlights

 FY 2011-12 (October -December) vs Quarter 3 FY 2010-11

  •  Net sales reached Rs 32.28 billion (Rs 3228 crore) from Rs 23.69 billion (Rs 2369 crore)
  • Operating profit stood at Rs 3.28 billion (Rs 328 crore) from Rs 2.78 billion (Rs 278 crore)
  • Net profit closed at Rs 0.98 billion (Rs 98 crore) from Rs 1.2 billion (Rs 120 crore) in the same period last year

9 months Consolidated Performance Highlights

FY 2011-12 (April – December) vs FY 2010-11

  •  Net sales closed at Rs 89.22 billion (Rs 8922 crores) from Rs 61.38 billion (Rs 6138 crore)
  • Operating profit was at Rs 8.12 billion (Rs 812 crore) from nearly Rs 6.66 billion (Rs 666 crore)
  • Net profit closed at Rs 2.53 billion (Rs 253 crore) from Rs 2.48 billion (Rs 248 crore) in the previous year

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “All 3 geographies have performed exceptionally well amidst concerns over a slowdown throughout the last 2 quarters. The raw material prices have stabilised to some extent, but they continue to remain on the higher side and put our margins under pressure. In India, our truck-bus radial journey, which started last year, is in full swing; and with 4000 truck-bus radial tyres coming out of our Chennai plant everyday, we have already gained leadership position in this segment as well. I am confident that the next quarter would see us further consolidate our growth and profitability journey.”

 

Cross Currency Reference Chart for Key Financials:

 

Rs Billion

US$ Million

Euro Million

FY 2011-12

Q3

9 month (Apr–Dec)

Q3

9 month (Apr–Dec)

Q3

9 month (Apr–Dec)

Net Sales

32.28

89.22

627

1871

466

1338

Operating Profit

3.28

8.12

64

170

48

122

Net Profit

0.98

2.53

19

53

14

38