The Board of Directors of Apollo Tyres Ltd today approved the company’s unaudited financial results for the 2nd quarter and the first 6 months of the financial year 2011-12.
Apollo Tyres’ consolidated revenues for the 2nd quarter saw a healthy growth of 47%; and for the first half of the year by 51%. A large part of the growth in the July to September period came out of Europe with a 43% increase in the top-line, compared to the same quarter last year. South Africa has also seen some growth but the local economic conditions, continues to be a cause of concern. India grew by 57% riding on higher production from the greenfield Chennai plant and increased sale of truck-bus radials.
Half Yearly Performance Highlights
FY 2011-12 (April-September) vs FY 2010-11
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “While our top-line has grown across geographies, currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom-line. The near flat growth in the first half of the fiscal in the commercial vehicle tyre segment in India is worrying and could pose a challenge in the coming quarters. While our European business is currently registering strong growth we are alert to the broader economic situation there and are keeping a close watch on developments.”
Cross Currency Reference Chart for Key Financials:
Rs Billion US$ Million Euro Million H1 FY12 Q2 FY12 H1 FY12 Q2 FY12 H1 FY12 Q2 FY12 Net Sales 56.9 28.7 1245 621 872 439 Operating Profit 4.8 2.4 106 52 75 37 Net Profit 1.5 0.8 34 17 24 12.