The Hindu Business Line : Apollo Tyres Q4 net profit climbs 62%

New Delhi May 1 Apollo Tyres Ltd for the fourth quarter ended March 31, 2007, reported a 62 per cent increase in its net profit to Rs 42.71 crore compared with Rs 26.38 crore in the corresponding previous quarter. The net sales during the quarter increased 22.03 per cent to Rs 910.21 crore compared with Rs 745.85 core.

For the financial year 2006-07, the company's net profit moved up 45.11 per cent to Rs 113.42 crore compared with Rs 78.16 crore posted during the financial year 2005-06. The net sales went up 25.4 per cent to Rs 3292.32 crore for the fiscal under review against Rs 2625.52 crore in 2005-06.

The company, which acquired the South African arm of Dunlop Tyres, also became the first Indian tyre company to cross the $1-billion mark in annual revenues with net sales up 63.46 per cent at Rs 4299.2 crore post-consolidation of the financials of the acquired company, a statement issued by the company said.

The consolidated net profit for the fiscal 2006-07 was up 31.63 per cent at Rs 117.06 crore compared with Rs 88.93 crore in 2005-06.

Commenting on the results of the company, Mr Onkar S. Kanwar, Chairman and Managing Director, said, "It has been a good year for the company despite the difficult circumstances of high raw material costs and escalating rubber prices."