GURGAON, India — Apollo Tyres Ltd. approached $1 billion in sales for its latest fiscal year, resulting from its purchase of Dunlop Tyres in South Africa and improved domestic sales.
The Indian company reported net sales of $948.1 million, at last year´s average annual exchange rate, 63.5 percent above the previous year´s mark. Operating profits grew to $90.6 million for the year ended March 31. The firm said its revenue grew 25 percent domestically, 16 percent in South Africa.
Onkar Kanwar, Apollo chairman and managing director, said the continuous focus on internal efficiencies and debottlenecking helped minimize the problem of rising raw material costs, including natural rubber.
Apollo also said it is planning to permit foreign institutional investors to own up to 30 percent of the company.