Apollo Tyres’s released its unaudited results for the third quarter of the financial year 2015-16, as the consolidated revenue for nine months (April to December) of FY16 closed at Rs 8,742 crores. The company’s net sales for the third quarter (October to December) closed at Rs 2,929 crores. The company’s net profit for the Q3 FY16 was up 51% at Rs 2.79 billion (Rs 279 crores), as compared to Rs 1.84 billion (Rs 184 crores) in the same quarter in previous fiscal.
In the nine months of FY16 (Aprik – Dec), the company’s net profit was up 27% to close at Rs 8.48 billion (Rs 848 crores) as compared to Rs 6.7 billion (Rs 670 crores) year-on-year. Commenting on the company’s performance, Onkar S Kanwar, chairman, Apollo Tyres said, “Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers. This, in addition to the increasing import of cheap tyres into the country, has impacted our revenues.” Meanwhile, the Board of Directors also approved the appointment of Padma Bhushan Vinod Rai, former Comptroller and Auditor General of India, as additional director (independent), and Francesco Gori, ex-CEO of Pirelli Tyres and advisor for strategy, Apollo Tyres, as additional director (non-independent).
Commenting on the appointments, Onkar S Kanwar, chairman, Apollo Tyres said, “It is our privilege and honour to have Shri Vinod Rai and Francesco Gori as our Board Members. Their vast experience would further strengthen our Board, and add value to our strategic decision making process.” Vinod Rai, the former Comptroller and Auditor General of India, holds a masters degree in economics from the University of Delhi, and masters in public administration from Harvard University. He is a 1972-batch Kerala cadre officer of Indian Administrative Service (IAS).
Prior to his appointment as financial services secretary, Rai was an additional secretary in the banking division of the Finance Ministry, Govt of India. Meanwhile, Francesco Gori has a degree in economics from Universita degli Studi in Florence, Italy and has an experience of over 33 years with Pirelli Tyre Group in the field of product development, sales & marketing and product management. His last appointment was as the CEO of Pirelli Tyre from 2006 to 2012. In October 2015, Gori joined Apollo Tyres as an advisor for strategy, and is also a member of the company’s management board.
