GURGAON, India—Apollo Tyres Ltd. has posted a 27 percent growth in net profit for the first nine months of fiscal year 2016 at $122.8 million.
“Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers. This, in addition to the increasing import of cheap tires into the country, has impacted our revenues,” Apollo Chairman Onkar Kanwar said.
Sales fell to $1.2 billion compared to $1.4 billion for the same period last year, while EBITDA increased by 5 percent to $230 million.
Apollo's board of directors also approved the appointment of Padma Bhushan Shri Vinod Rai, former comptroller and auditor general of India, as additional director (independent), and Francesco Gori, ex-CEO of Pirelli Tyres and advisor for strategy, Apollo Tyres, and additional director (non-independent).