Apollo tires increase net profit in the first half of the year

Gesar Motor Co., Ltd. Apollo Tire India recently announced financial reports for the second quarter of fiscal year (July to September 2014) and the first half of fiscal year (April to September 2014). Revenue decreased compared with the same period of last year, and both operating profit and net profit increased.

In the second quarter of this year, Apollo tire operating income was 33.152 billion rupees (approximately 537 million US dollars), a decrease of 3.5% from 34342 million rupees (approximately 556 million US dollars) in the same period of last fiscal year; operating profit was 3.865 billion. The rupee (about US$63 million) increased by 10.8% over the same period of last year; net profit increased from 2.195 billion rupees (about US$36 million) in the same period of last fiscal year to 2.579 billion rupees (approximately $42 million), an increase of 14.9%.

In the second fiscal quarter, Apollo’s sales in India’s home market reached Rs 22,651 million (approximately US$ 367 million), a year-on-year increase of 6.7%; its sales in the European market reached Rs 105.44 billion (approximately (US$171 million), a slight drop of 0.6% from the same period last year; in the South African automobile market, which was heavily affected by the strike, Apollo’s sales plummeted by 49.3% year-on-year and fell to 1.903 billion rupees (approximately US$31 million). Sales in other regions were 395 million rupees (approximately US$6 million), down 4.6% year-on-year.

In the first half of the fiscal year, Apollo’s cumulative operating income was Rs.656.28 billion (approximately US$1.063 billion), a slight drop of 0.9% from Rs. 66,251 million (approximately US$ 1.073 billion) in the same period of last year; operating profit was Rs 7.748 billion ( About US$116 million), an increase of 10.9% compared to Rs.6.447 billion (approximately US$104 million) in the same period of last year; net profit was Rs.485.59 billion (approximately US$79 million), compared with Rs3.854 billion in the same period of last year (approximately Combined with US$62 million), it is an increase of 26.1%.