Apollo Tyres: Europe market share up, no impact on sale of tyres due to lockdown
Apollo Tyres’ profit after tax (PAT) for the September quarter more than doubled and margins have jumped 540 basis points (bps). Neeraj Kanwar, Vice Chairman and MD of Apollo Tyres discussed the numbers in an interview with CNBC-TV18.
Apollo Tyres’ profit after tax (PAT) for the September quarter more than doubled and margins have jumped 540 basis points (bps). Neeraj Kanwar, Vice Chairman and MD of Apollo Tyres discussed the numbers in an interview with CNBC-TV18.
“Europe has gained market share in the two segments, which was the ultra-high performance segment and the UUHP,” he said.
“We believe that we have garnered market share in Europe. As far as Q3 is concerned, there is lockdown across Europe, we have seen France lockdown, we have seen Italy lockdown, we have seen Germany semi-lockdown but this is not effecting the tyre industry because tyre has seen as a central commodity,” he added.
“I am optimistic and I believe that there will be growth as far as Q3 for Europe is concerned,” Kanwar said.
He said Q2 was very good for Apollo Tyres, in India as well as in Europe.
“Volumes have gone up both in truck tyres and in PCR. It is the highest record that Apollo has done in truck, bus tyres both in radial and bias. According to our estimates we have added at least 500 bps on our market share as far as passenger car tyres are concerned,” he said.
He believes the company will log higher volumes during the festive season.
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(Edited by : Santosh Nair)
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