Apollo Tyres posts 4% rise in net at Rs 19 cr

CORPORATE SCORECARD

Apollo Tyres Ltd today posted a 3.80 per cent increase in net profit to Rs 19.37 crore for the second quarter ended September 30 2006 from Rs 18.66 crore for the corresponding quarter last year.

The total income of the company (net of excise) rose to Rs 767.50 crore for the second quarter during 2006-07, up 21.13 per cent from Rs 633.60 crore for the same period last year. The net sales grew up by nearly 27 per cent to Rs 1,524.6 crore from Rs 1200.8 crore in the last fiscal.

The operating profit at Rs 116.7 crore, was higher by 2.8 per cent from Rs 113.5 crore, despite steep hike in the prices of raw material over last year.

Neeraj R S Kanwar, joint managing director, Apollo Tyres Ltd, said: "Continued sales growth has been a very significant achievement. We have been able to increase our market share in all the key segments over these past six months. The tapering off in crude and natural rubber prices from the abnormal highs of July and August, is a very positive development for the entire tyre industry's ability to maintain profit margins and deliver new products to the market."

Apollo remains the largest exporters of passenger car radial tyres from India.

The company will be launching ultra-high performance tyres for the upper end of the car market, as well as a new range of truck and bus tyres customised for Indian infrastructure needs.