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Apollo Tyres on Wednesday said that uncertainties continue to pose a challenge, especially in Europe as there are no signs of any respite in conflict there, but it added the company was still bullish in the region.
“I see the uncertainties continue to pose a challenge, especially in Europe as we see no signs of any respite in the conflict there. Yet I remain bullish about the future of Apollo Tyres. In Europe, our strategy along with the best-in-class product mix has, time and again, helped us to gain market share. India is once again on a growth trajectory and your company will certainly benefit,” Onkar Kanwar, Chairman, Apollo Tyres, said at the company’s 50th annual general meeting (AGM).
He added that the company is doing good work in the US market and was confident that Apollo will see good growth from this market.
“We have built a strong foundation in the past years in each of our growth pillars. For example, on the digitalisation front, we have a single data lake, which is underpinning all of our artificial intelligence (AI) and machine learning (ML) initiatives. The data lake, Industry 4.0 technology, and the newly set up Digital Innovation Centers will play a very key role in helping deliver our ambitious project of maximising our asset utilisation and minimal capex,” Kanwar said.
He said the company was already experiencing these new-age technologies and have seen a marked increase in the efficiencies of mixers. This in turn has helped it reduce energy consumption also.
“We will continue to play on the theme on consistency and invest in our growth pillars. We will continue to work in line with our vision and ‘Drive Progress, Together’, as we take all our stakeholders in the journey of ‘Enabling Excellence’ – our purpose and reason why we exist,” he added.
Q1 results
The company will announce its first quarter results on August 10. In the fourth quarter of the last financial year (ended March 31), the company reported a consolidated net profit of ₹427 crore, a jump of 278 per cent year-on-year (y-o-y) as compared with ₹113 crore in the corresponding period last year.
The consolidated revenue of the company was also up 12 per cent y-o-y to ₹6,247 crore against ₹5,578 crore in the January-March period last year.
Shares of Apollo Tyres closed at ₹424.50 apiece on the BSE on Wednesday, down 0.64 per cent from the previous close.
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