Apollo reports double-digit growth in first quarter

CHENNAI, India—Apollo Tyres Ltd. has reported a solid set of first quarter results for the group's financial year started April.

Operating profit for the three months to end of June rose 22 percent year-on-year to $86.6 million, on 30-percent higher sales of $740 million.

Net profit increased 49 percent to close at just under $25 million, as against $16.2 million reported in the previous fiscal year, the tire maker announced Aug. 12.

According to Apollo, both Indian and European operations performed well, with revenues from operations increasing 38 percent and 14 percent respectively.

Performance was further aided by "healthy demand" across different market segments, especially passenger vehicle tires, according to Chairman Onkar Kanwar.

"Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in first quarter," said Kanwar.