Apollo Tyres Ltd Q3 earnings Highlights
Gurgaon, Haryana, India: The Board of Directors of Apollo Tyres Ltd, today took on record the company’s unaudited results for the third quarter of the financial year 2008-09.
Highlights: Q3 FY2008-09 (Oct-Dec) versus Q3 FY2007-08
Consolidated revenue reported at Rs 11 billion versus earlier period Rs 12.4 billion
Consolidated net profit after tax at Rs 89 million against Rs 820 million in the previous year
Standalone India Operations revenue at Rs 9 billion marginally down from Rs 9.7 billion
Standalone India Operations net profit after tax at Rs 55 mn against Rs 621.7 mn last year
Other highlights
Raw material costs have been higher by 35% in the quarter under review compared Q3FY08. This is despite the fact that prices of crude oil and natural rubber have softened since September 2008
With huge cutbacks in vehicle production, supplies to OEMs fell by nearly 43% in value terms, impacting both the topline and sentiments
Exports however continued to grow with a 37% higher turnover compared to Q3 FY08
While there was a sharp fall in the demand for commercial vehicle tyres, Apollo continued to register growth in the replacement passenger car tyre segment with a 11% growth over the same quarter last year
Commenting on the results, Onkar S Kanwar, Chairman & Managing Director, Apollo Tyres Ltd, said: “The past six months have been very challenging for the automotive industry and our results are a reflection of the situation. Production cuts by OEMs have naturally also impacted us. But we see the tide changing gradually and I am looking forward to the last quarter of this year.”
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