A good year for Apollo Tyres

Announcing in late April that it has partially resumed operations at its Perambra plant in Kerala, Apollo Tyres closed FY 2019-20 with Rs.16096 crores worth of sales. It reported a net profit of Rs.476 crores. Recording Rs.3551 crores worth of net sales for the fourth quarter, and Rs.78 crore worth of net profit for the same period, the India tyre major resumed partial operations at the Kerala plant by strictly adhering to the health safety guidelines rolled by the government. Witnessing growth in the replacement market for the full year in most product categories, led by a strong performance in the passenger vehicle segment, industrial tyres and light commercial vehicle segment, the company also profited from its good performance from Europe. Expressed Onkar S Kanwar, Chairman, Apollo Tyres Ltd., that they experienced good demand in the replacement market and the OE category before Covid-19 caused widespread disruption.