GURGAON, India—Apollo Tyres Ltd. has posted an 8 percent increase in operating profit to $83.9 million on consolidated net sales of $487.1 million for the first quarter, 16 percent higher than last year.
For the period ending June 30, revenues at Apollo's operations grew 6 percent in India and 10 percent in Europe, the Indian tire maker reported on Aug. 9.
In the domestic market, products introductions helped to counter the impact of low-cost imports from China. These included new two-wheeler tires, which found especially high demand in the replacement market.
Apollo's European operations, meanwhile, reported increased sales of passenger vehicle tires.
“Despite the challenges posed by the Chinese imports, we have seen increased demand for our products from both OEs and the replacement market across product categories in India,” Apollo Chairman Onkar S. Kanwar said in a statement.
“Our newly-launched two-wheeler tires have also been very well accepted by the customers,” he added. “With the increased truck-bus radial capacity kicking-in the next two-three months, we are well poised [for] higher volume growth in the fiscal.”