Apollo Tyres second quarter profit up 18%

Apollo Tyres second quarter profit up 18%

Exports out of India grows more than 30%



November 10, 2014

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
2014 - 15.

For the quarter ended September 30, 2014, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 258 crores, on net sales of Rs 3300 crores. For the first half of the year (April – September), the company posted a profit of Rs 486 crores, on net sales of Rs 6536 crores. Exports out of India, has seen a growth upwards of 30%, which has led to a strong performance by the Indian Operations. However, sale of part of African business in the last fiscal, led to the company reporting flat revenue growth on a consolidated level in the second quarter and half year of this fiscal.

Quarterly Performance Highlights
Quarter 2 FY2014-15 (July-September) vs Quarter 2 FY2013-14

  • Net sales stood at Rs 33 billion (Rs 3300 crores) against Rs 34.3 billion (Rs 3433 crores)
  • Operating profit up by 9% at Rs 5.1 billion (Rs 513 crores) from  Rs 4.7 billion (Rs 470 crores)
  • Net profit up by 18% at Rs 2.58 billion (Rs 257.9 crores) from Rs  2.2 billion (Rs 219.5 crores)

Half Yearly Performance Highlights
H1 FY2014-15 (April-September) vs H1 FY2013-14

  • Net sales recorded was Rs 65.36 billion (Rs 6536 crores) against Rs 66.2 billion (Rs 6623 crores)
  • Operating profit up by 11% at Rs 9.7 billion (Rs 971 crores) from Rs 8.7 billion (Rs 875 crores)
  • Net profit up by 26% at Rs 4.86 billion (Rs 485.8 crores) from Rs 3.8 billion (Rs 385.4 crores)

Speaking on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said “Our 18-24 months of planning and smart execution has resulted in incremental exports out of India, and with additional demand for our products in the Middle East and ASEAN region, we expect this to grow further. Taking into account the export growth, and the expected revival of the commercial vehicle segment in India, our expansion projects in Chennai and Kochi, both in the southern part of India, is moving ahead full steam.”

ross Currency Reference Chart for Key Financials:

 

Rs Billion

US$ Million

Euro Million

 

Q2 FY15

H1 FY15

Q2 FY15

H1 FY15

Q2 FY15

H1 FY15

Net Sales

33.01

65.36

544.65

1085.54

410.44

804.67

Operating Profit

5.13

9.71

84.71

161.24

63.74

119.52

Net Profit

2.58

4.86

42.59

80.7

32.04

59.82