Business Daily from THE HINDU group of publications
Saturday, Jul 19, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Jul 19, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Tyres Apollo Tyres Q1 net up 4% as input prices soar 
Our Bureau New Delhi, July 18 Soaring prices of natural rubber and crude-based chemical products has led Apollo Tyres post a marginal increase of 4 per cent in its net profit despite its net sales recording a 23 per cent growth. The company’s net profit for the first quarter of the current financial year stood at Rs 48.6 crore and its net sales touched Rs 1,075.8 crore.
“These are probably one of the most challenging times we have faced as a company. The unnatural rise in crude and natural rubber prices has had a cascading impact across all raw materials. “We are facing the added problem of certain essential crude-based raw materials being unavailable even at higher prices,” said Mr Onkar S. Kanwar, the company’s Chairman and Managing Director, in a statement. He said that increasing the prices was not the solution and that the company would have to implement cost cutting measures to respond to the challenge of the rise in raw material prices. The spot price of natural rubber quoted on NCDEX as on June 30 stood at Rs 13,200 a tonne as against Rs 10,353 on April 1. The company said that in the 12 months between June 2007 and July 2008, natural rubber prices shot up by 61 per cent, while crude prices are up 111 per cent. Crude-based derivatives like rubber chemicals are costlier by 60 per cent. Further, poly butadiene rubber is currently facing a production crisis despite a price increase of 115 per cent. Apollo showcases winter tyres Apollo Tyres setting up unit in Hungary Apollo Tyres Q2 net zooms on stable raw material prices Apollo Tyres relocates Kochi facility Apollo Tyres Q4 net profit climbs 62% More Stories on : Tyres
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