The Board of Directors of Apollo Tyres Ltd has approved the company’s audited financial results for the 4th quarter (January to March) and the financial year 2013-14. Consolidated annual revenues, across operations in Asia, Africa and Europe, increased 4% to reach Rs 133 billion (or Rs 13310 crore). During the same period the net profit for the company surged 64% to reach Rs 10 billion (Rs 1000 crore.) Net sales of the company for the 4th quarter grew 6% to close at 32.1 billion (Rs 3212 crore.)
Consolidated Annual Performance Highlights (FY2013-14 (April-March) vs FY2012-13)
Net sales grew 4% to Rs 133 billion from Rs 127.9 billion. Operating profit increased 27% to reach Rs 19.7 billion from Rs 15.5 billion. Net profit increased 64% to Rs 10 billion from Rs 6.1 billion in the previous year.
Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “Last year, we saw the consolidation of our two brands — Apollo and Vredestein, and their entry into newer markets. All this, along with better product and customer mix across geographies has helped us report incremental revenues. Recovery in the commercial vehicle segment in India in the new fiscal, after witnessing negative growth in the past year, will have a positive impact going forward. Car sales in Europe have also risen continuously for the last 3 quarters, which is again a positive for us.”
Annual Corporate highlights:
– On a consolidated level the break-up of revenues across the operating entities are: Asia Pacific, Middle East & North Africa (APMENA) – 62%; and, Europe, Sub Saharan Africa and Americas (ESSAA) – 38%
– Apollo made Thailand its hub for the ASEAN region
– Apollo announced its entry into new countries like Malaysia, Qatar and Jordan
– Apollo Tyres’s Chennai Unit was conferred with FICCI Quality Systems award
– Apollo Apterra H/P, a high performance tyre for SUVs, introduced at the Geneva Motor Show
– Apollo Tyres introduced the Vredestein brand of designer and high quality tyres into India
– In a move aimed at consolidating on two global brands — Apollo & Vredestein, Apollo Tyres sold the Dunlop brand rights that it had for 32 countries in Africa, to Sumitomo Rubber Industries (SRI); this deal included the sale of Ladysmith passenger car tyre plant to SRI.
