The board of directors of Apollo Tyres Ltd. approved the company’s unaudited results for the 1st quarter of the financial year 2014-1 percent% per share (0.75 per equity share), for the year ended March 31, 2014. For the quarter ended June 30, 2014, Apollo Tyres Ltd., on a consolidated level, reported a profit of Rs 228 crores on the net sales of Rs 3235 crores. Showing signs of growth, Apollo Tyres’ Indian Operations registered a 6 percent increase in revenue in the first quarter, while European Operations, continuing its good performance, registered an increase of 18 percent in revenues in the first quarter of fiscal year 2015, as compared to the same period last year.
The sale of part of the African business in the last fiscal period, led to the company reporting flat revenue growth on a consolidated level in the first quarter. Commenting on the results, Onkar S. Kanwar, chairman, Apollo Tyres Ltd., said, “Increased vehicle sales in the past quarter across geographies, and especially in India, along with a better product and market mix, helped us report good numbers in the past quarter.” Quarter 1 Consolidated Performance Highlights: Net sales stood at Rs 32.35 billion (Rs 3235 crore) from Rs 31.9 billion (Rs 3190 crore); Operating profit was at Rs 4.58 billion (Rs 458 crore) an increase of 13 percent, from Rs 4.04 billion (Rs 404 crore); Net profit grew 37 percent to Rs 2.28 billion (Rs 228 crore) from Rs 1.66 billion (Rs 166 crore. Kanwar further added, “Along with our decision to go ahead with a new Greenfield facility in Eastern Europe, we also have plans in place to expand the truck-bus radial capacity at our Chennai plant and re-jig the product mix of our facility in Kalamassery, Kerala.”