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Apollo Tyres: Mixing it well! - Views on News from Equitymaster
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Apollo Tyres: Mixing it well!
Nov 24, 2005

Apollo Tyres, the leading tyre manufacturer in the country, had announced good 2QFY06 results wherein the topline grew at a healthy pace of 26% YoY, resulting from a better product mix and price hikes announced by the company. Similarly, the thrust on operating efficiencies enabled it to improve its operating margins. However, the net profit growth was capped by a significant fall in other income coupled with extraordinary expenditure.

Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Net sales 5,025 6,328 25.9% 10,095 12,009 19.0%
Expenditure 4,689 5,734 22.3% 9,279 10,886 17.3%
Operating profit (EBDITA) 336 594 76.8% 816 1,123 37.6%
Operating profit margin (%) 6.7% 9.4%   8.1% 9.4%  
Other income 130 8 -93.7% 130 11 -91.9%
Interest 119 131 10.4% 236 244 3.4%
Depreciation 146 173 18.5% 276 343 24.3%
Profit before tax 201 298 48.1% 434 547 25.9%
Extraordinary items - (34) - - (34)  
Tax 52 77 48.1% 130 161 23.7%
Profit after tax/(loss) 149 187 25.2% 304 420 38.1%
Net profit margin (%) 3.0% 2.9%   3.0% 3.5%  
No. of shares (m) 38.3 38.3   38.3 38.3  
Diluted earnings per share (Rs)* 15.6 19.5   15.9 21.9  
P/E (x)         12.6  
(* annualised)            

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