According to Neeraj Kanwar, Vice Chairman and MD of Apollo Tyres, the leading global tyre manufacturer, Apollo Tyres has doubled their profits after tax (PAT) for the month of September quarter. Their margins have jumped 540 basis points (bps).
"Europe has gained market share in the two segments, which was the ultra-high performance segment and the UUHP," he said.
"We believe that we have garnered market share in Europe. As far as Q3 is concerned, there is a lockdown across Europe, we have seen France lockdown, we have seen Italy lockdown, we have seen Germany semi-lockdown but this is not effecting the tyre industry because tyre has seen as a central commodity," he added.
"I am optimistic and I believe that there will be growth as far as Q3 for Europe is concerned," Kanwar said.
He said Q2 was good for Apollo Tyres in India as well as in Europe.
"Volumes have gone up both in truck tyres and in PCR. It is the highest record that Apollo has done in truck, bus tyres both in radial and bias. According to our estimates we have added at least 500 bps on our market share as far as passenger car tyres are concerned," he said.
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Neeraj Kanwar believes that the company will get higher volumes during the festive season.
About the company:
Apollo Tyres Ltd. came into inception in 1972 and has since been a trusted name in the business of manufacture and sale of tyres. With our corporate headquarters in Gurgaon, India, we cater to over a 100 countries across the globe.
The company markets its products under our two global brands: Apollo and Vredestein. These products are available in countries across the globe through a vast network of branded, exclusive and multi-product outlets. Apollo Tyres has multiple manufacturing units in India, the Netherlands and Hungary.
At the end of the financial year 2020, the company clocked a turnover of $ 2.27 billion, backed by a global workforce of approximately 17,200 employees.
As of March 31, 2020, the company traded in India on the Bombay Stock Exchange and National Stock Exchange, with 59.10% of shares held by the public, government entities, banks and financial institutions.
