The Board of Directors of Apollo Tyres Ltd today approved the company's unaudited results for the 3rd quarter of the financial year 2014-15.
Apollo Tyres Ltd's consolidated revenue for the nine months (April to December) of FY15 closed at Rs 9627 crores.Net Sales for the 3rd Quarter(October to December) closed at Rs 3091 crores. Commenting on the results, OnkarS Kanwar, Chairman, Apollo Tyres Ltd said, "We have maintained our profit margins, despite accounting for all charges related to the rescue plan of our South African subsidiary. I am pleased to inform that we have been able to secure the best value for all the stakeholders. This, as mentioned earlier, was prompted by the uncompetitive cost structure in the South African market, along with the continuous labour unrest and related issues. While we continue with our Trading Operations in South Africa, it is time for us to move forward and explore newer territories for the next phase of organisations' growth."
It may be recalled that Business Rescue Proceedings were initiated in the second quarter by the company's South African subsidiary, and the Rescue Plan was approved in November 2014, with the closure of the Durban plant. All dues to Bankers and external suppliers have been cleared, along with the retrenchment package of employees. These payouts have been provisioned for, in the quarter under review, thereby adversely impacting the consolidated profit of the company.
9 months Consolidated Performance Highlights
FY2014-15 (April – December) vs FY 2013-14 (April – December)
Quarter 3 Consolidated Performance Highlights
FY2014-15 (October - December) vs Quarter 3 FY2013-14
The Board also approved the appointment of Raj Banerji as the Chief Financial Officer of the company, taking over from Sunam Sarkar who was designated as President and Chief Business Officer in November 2014. Cross Currency Reference Chart for Key Financials:
Rs Billion |
US$ Million |
Euro Million |
||||
FY 2014-15 |
Q3 |
9M (Apr–Dec) |
Q3 |
9M (Apr–Dec) |
Q3 |
9M (Apr–Dec) |
Net Sales |
30.91 |
96.27 |
497.89 |
1583.45 |
399.53 |
1204.21 |
Operating Profit |
5.02 |
14.72 |
80.94 |
242.18 |
64.66 |
184.18 |
Net Profit |
1.84 |
6.70 |
29.52 |
110.22 |
24.00 |
83.82 |