Apollo Tyres net up 62%

CORPORATE SCORECARD

Apollo Tyres posted 62 per cent increase in net profit at Rs 42.71 crore for the quarter ended March 2007 against Rs 26.38 crore recorded for the corresponding period last year.The operating profit increased by 82 per cent for the fourth quarter ended March 2007 to Rs 100 crore from Rs 56.71 crore for the same period last year. Net sales increased by 22 per cent to Rs 910 crore for the quarter ended March 2007 from Rs 740 crore for the same period last year. The company increased its annual net profit by 23.69 per cent at Rs 110 crore against the last year's Rs 88.93 crore. The operating profit for the same period increased to Rs 400 crore from Rs 230 crore in 2005-06.

The company's net profit grew to Rs 4,290 crore from Rs 2,630 crore for the previous year.

Onkar S Kanwar, CMD, Apollo Tyres, said: "We achieved a huge revenue growth of more than 16 per cent in South Africa and 25 per cent in India, despite the high raw material costs and escalating natural rubber prices."

Our continuous focus on increasing internal efficiencies helped us to strengthen our bottom line for the last fiscal."