Tyre sales were slow in the first half of FY26 but we are hopeful of a better second half on the back of GST rate cuts
While Apollo Tyres will take a loan of about USD 450 million on its books, the remaining USD 2.1 billion will be combined debt that will be in the books of Cooper and Vredestein that they have acquired.
As part of its strategy to rejig its global ops the country‘s largest tyre maker Apollo Tyres said today that it would be setting up a new marketing office in London. The proposed office will be the coordinating arm of its international biz that spans across 50 countries today.
Apollo Tyres will be investing USD one billion (about Rs 5,545 crore) in the next five years to expand its global footprint, which will include setting up two new plants in South East Asia and Eastern Europe.
Neeraj Kanwar, the managing director of Apollo Tyres told CNBC-TV18 that their margins were impacted due to high raw material and interest costs.
Tyre maker, Apollo Tyres expects to clock better margins in the Q3 quarter than seen earlier. Neeraj Kanwar, vice chairman and managing director of Apollo Tyres in an interview to CNBC-TV18 said that the company will post better profit margins in Q3, but its bottomline and margins are still under pressure.
Apollo Tyres has reported 4% growth in net profit year-on-year of Rs 77.128 crore for the quarter ended June 30, 2011, slightly lower than street expectations.
Apollo Tyres shares, which were quoting around Rs 70 at the start of this calendar, plunged to a 52-week low of Rs 44.05 in the first week of February, caught between a falling market and a sharp rise in prices of rubber—the key raw material for tyres.
In an interview with CNBC-TV18, Neeraj Kanwar, MD of Apollo Tyres gave his perspective on the quarter gone by and the road ahead.