GURGAON, India (May 15) — Apollo Tyres Ltd. recorded double-digit increases in sales, production and earnings in fiscal 2006, overcoming higher raw material costs with internal efficiency improvements.
Apollo reported 15-percent higher net income for the year ended March 31 to $17.7 million, and an 18-percent increase in sales, to $682.3 million.
During the year Apollo broadened its business, launching it own alloy wheel subsidiary, Acelere Wheelz, setting up 160 tire repair stations across India and creating a network of truck service outlets.
Apollo recently concluded its $62 million acquisition of Dunlop Tyres International (Pty.) Ltd., which will increase its annual sales by about $250 million.