Apollo reports 670 crores net profit in nine months of FY15

Leading tyre manufacturer Apollo’s consolidated revenue for the nine months (April to December) of FY15 closed at INR 9627 crores. The tyre major’s net sales for the 3rd Quarter (October to December) closed at INR 3091 crores.

9 months consolidated performance highlights:

FY2014-15 (April – December) vs FY 2013-14 (April – December)

• Net sales closed at INR 9627 crores, in comparison to INR 10098 crores.
• EBITDA, without exceptional items, stood at INR 1472 crores, as against INR 1382 crores.
• Net profit, without exceptional items, closed at INR 670 crores) as compared to INR 611 crores in the previous year.

Quarter 3 consolidated performance highlights :

FY2014-15 (October - December) vs Quarter 3 FY2013-14

• Net sales closed at INR 3091 crores, as against INR 3475 crores.
• EBITDA, without exceptional items, stood at INR 502 crores), in comparison to INR 507 crores.
• Net profit reported, without exceptional items, was INR 184 crores, as compared to INR 226 crores in the same period last fiscal.

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “We have maintained our profit margins, despite accounting for all charges related to the rescue plan of our South African subsidiary. I am pleased to inform that we have been able to secure the best value for all the stakeholders. This, as mentioned earlier, was prompted by the uncompetitive cost structure in the South African market, along with the continuous labour unrest and related issues. While we continue with our Trading Operations in South Africa, it is time for us to move forward and explore newer territories for the next phase of organisations’ growth.”

Source : CarDekho