Apollo Tyres net profit rises by 79% in Q1

KOCHI: Apollo Tyres Ltd's net profit grew by 79 % to reach Rs 138 crore in the first quarter of 2012-13. The sales increased by 12 % to Rs 3165 crore as compared with the same quarter last year. The operating profit stood at Rs 361 crore, an increase of 48 %.

Apollo Tyres Ltd. chairman Onkar S Kanwar said,"For the past few quarters, the company has been focusing on improving our product and customer mix across geographies. This has enabled the company to post incremental revenue increases on a sequential basis in each of the quarters last year eventually resulting in enhanced profitability."

Apollo Tyres, he said, has a leadership in the growing truck-bus radial tyres, registering a growth of 60 % in the quarter. The company had improved performances in South Africa and Europe, two regions where it has presence. In South Africa, passenger vehicle tyre sales moved higher by 32 %. In Europe, despite a slowdown, the company continued to maintain topline growth and profitability expanded by close to 50 %.