Apollo Tyres consolidated numbers were reported at Rs 2358 crore in terms of sales, versus Rs 2295 crore during the same period last year. Expectedly, profits came in lower at Rs 120 crore as compared to Rs 180 crore last year.
In an interview with CNBC-TV18, Neeraj Kanwar, MD of Apollo Tyres gave his perspective on the quarter gone by and the road ahead. Below is a verbatim transcript. Also watch the accompanying video. Q: Clearly the raw materials beginning to show, was the main and only pressure in the margin? A: Yes, as you know, rubber prices have gone up, skyrocketed to Rs 250 per kg. This has impacted the balance sheet of the entire tyre industry and also Apollo. We have been able to keep off with the pressure but it has gone to totally unreasonable levels of prices and there is no way companies can absorb this. Q: Is there anything from the budget that you are expecting that can alter this at all? A: No, nothing as of now, though the government had given a notification of importing 3000 metric tonnes of rubber and concessional duty rates, but, landed natural rubber coming from outside is still more expensive and it doesnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
