Apollo Tyres net profit surges 44% in Q2

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 2013 - 14.

For the quarter ended September 30, 2013, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 219 crores, on net sales of Rs 3433 crores. For the first half of the year (April – September), the company posted a profit of Rs 385 crores, on net sales of Rs 6623 crores. Apollo Tyres’ European Operations continued with its strong performance and reported a 27% increase in the second quarter revenues, as compared to the same period last fiscal.
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Quarterly Performance Highlights

Quarter 2 FY2013-14 (July-September) vs Quarter 2 FY2012-13

• Net sales stood at Rs 34.3 billion (Rs 3433 crores) against Rs 33.7 billion (Rs 3374.8 crores)
• Operating profit up 16% at Rs 4.4 billion (Rs 440.6 crores) from Rs 3.8 billion (Rs 380.9 crores)
• Net profit up 44% at Rs 2.2 billion (Rs 219.5 crores) from Rs 1.5 billion (Rs 152.2 crores)

Half Yearly Performance Highlights

H1 FY2013-14 (April-September) vs H1 FY2012-13

• Net sales recorded was Rs 66.23 billion (Rs 6623 crores) against Rs 65.4 billion (Rs 6539.5 crores)
• Operating profit up 14% at Rs 8.4 billion (Rs 845 crores) from Rs 7.4 billion (Rs 742.3 crores)
• Net profit up 33% at Rs 3.8 billion (Rs 385.4 crores) from Rs 2.9 billion (Rs 290.2 crores)

Speaking on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said “Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottomline despite the challenging circumstances. In India, which is our largest market, while there is no upswing in the demand from the OEs, the healthy demand in the replacement market, especially for our products, has helped us to hold on to our topline. We are also looking forward to introduce the Vredestein brand in India next month.”