Q2 grows amidst challenging market conditions

Q2 grows amidst challenging market conditions

Apollo Tyres Q2 revenue grows amidst challenging market conditions. Net Profit up 96% year-on-year



November 2, 2012

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 2012 - 13.

Apollo Tyres' consolidated revenues for the 2nd quarter saw a healthy growth of 18%; and for the first half of the year by 15%. Most of the July to September growth was driven by India, which grew 24% riding on increased sale of truck-bus radials. South Africa, which is witnessing an upward trend in the automotive sales -- a positive sign for the company, saw a topline growth of 29%. European Operations’ revenue too grew despite the larger economic concerns and slowing automotive sales across the continent.

 

Quarterly Performance Highlights

Quarter 2 FY2012-13 (July-September) vs Quarter 2 FY2011-12

  • Net sales up 18% at Rs 33.7 billion (Rs 3374.8 crores) from Rs 28.7 billion (Rs 2871.2 crores)
  • Operating profit up 55% at Rs 3.8 billion (Rs 380.9 crores) from Rs 2.4 billion (Rs 246.2 crores)
  • Net profit up 96% at Rs 1.5 billion (Rs 152.2 crores) from Rs 0.8 billion (Rs 77.8 crores)

Half Yearly Performance Highlights

FY2012-13 (April-September) vs FY2011-12

  • Net sales up 15% at Rs 65.4 billion (Rs 6539.5 crores) from Rs 56.9 billion (Rs 5693.6 crores)
  • Operating profit up 51% at Rs 7.4 billion (Rs 742.3 crores) from Rs 4.9 billion (Rs 490.7 crores)
  • Net profit up by 87% at Rs 2.9 billion (Rs 290.2 crores) from Rs 1.5 billion (Rs 154.9 crores)

Speaking on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said “Despite the challenging circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a booster dose, riding on the replacement demand, more so in India and South Africa. Our investment decision, made at a difficult time, to set up the Chennai Plant is now paying off, as the market seeks more Truck & Bus radial tyres from us."

Cross Currency Reference Chart for Key Financials

 

 

Rs Billion

US$ Million

Euro Million

 

Q2 FY13

H1 FY13

Q2 FY13

H1 FY13

Q2 FY13

H1 FY13

Net Sales

33.7

65.4

612.29

1192.13

489.03

940.51

Operating Profit

3.8

7.4

69.10

135.33

55.20

106.76

Net Profit

1.5

2.9

27.62

52.91

22.05

41.74