Apollo Tyres’ annual revenue crosses US$2.5 billion in 2011-12, notches 37 percent growth

May 10, 2012: Apollo Tyres Ltd has announced the company’s audited financial results for the fourth quarter (January to March 2012) and the financial year 2011-12. Consolidated annual revenues, across operations in Asia, Africa and Europe, grew 37 percent to reach Rs 12,153 crore (US$ 2.5 billion).

While Apollo’s Indian operations’ revenue grew 49 percent in 2011-12 as compared to 2010-11, its business in Europe saw a growth of 27 percent, and that in Africa 10 percent, despite challenging local circumstances. Operating profit grew 18 percent to Rs 1,200 crore from Rs 1,020 crore. Net profit, however, stood reduced at Rs 410 crore as against Rs 440 crore in 2010-11.

Commenting on the results, Onkar S Kanwar, chairman, Apollo Tyres (pictured), said: “Despite the challenging circumstances, we have crossed yet another milestone of US$ 2.5 billion in 2011-12. The conditions in our largest market – India – have not been easy. The same applies for the South African economy. But the positives are many – primarily expansion of our passenger vehicle range and the launch of three ultra- high performance tyres in Europe. In the critical truck and bus radial segment, we now enjoy a leadership position in India, and are poised for higher growth. The stability in the raw material prices, especially in the second half of the fiscal, has eased some pressure on our margins. We are in a growth and planning mode across our operations, where we are working towards faster market expansion outside India. We are, therefore, seeking ways to fulfill this higher demand with additional capacities.”