Apollo Tyres net profit up by 19 % in Q 1

Apollo Tyres reported a 19 per cent increase in net profit at Rs.166 crore during the first quarter ended June 30, 2013, against Rs.139 crore in the year-ago period. Net sales were marginally higher at Rs.3,190 crore against Rs.3,165 crore.

At the annual meeting of the company, the shareholders approved the annual dividend of 50 paise per share for the year ended March 31, 2013.

A company release claimed that despite sluggishness in the automotive sector, the company had managed to hold on to its revenues.

The company’s European operations registered an increase of 6 per cent in revenue in the first quarter compared to the previous year.

Its South African operations also grew 13 per cent amidst concerns of growing imports of tyres from China.

According to Onkar S. Kanwar, Chairman of Apollo Tyres, for most vehicle makers, sales were slowing down and the automotive industry was facing challenging times.