Vredestein & SA arm help Apollo Tyres post Rs 129-crore net
The Economic Times 21 October 2009
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Apollo Tyres said on Tuesday that it is aiming at 50% higher revenues for the year ending March’10 over Rs 5,000 crore clocked during the previous fiscal, largely due to contributions from recently acquired European subsidiary Vredestein Banden BV. In its latest quarter ended September, the firm posted a sharp jump in profits to Rs 129.2 crore, compared to Rs 15.1 crore in the year ago period, partly due to earnings from Vredestein and its South African subsidiary Dunlop Tyres. Its consolidated revenues also jumped over 60% to Rs 2,046 crore in the September quarter, against Rs 1,262 crore in the same period last fiscal. The company refused to disclose revenues separately coming from its two subsidiaries. Vredestein was acquired by Apollo on May 15 this year and started contributing to consolidated results from the same day. |