Hungarian plant seen boosting Apollo Tyres further



Net sales of India-based Apollo Tyres amounted to EUR 1.77 billion in its 2016-17 financial year ending in March, up 11% on the preceding year. Operating profit closed at EUR 271.8 million and net profit at EUR 149.3 mln, a press release sent to the Budapest Business Journal reveals. The recently opened Hungarian plant is seen boosting global performance further.

The Board of Directors of Apollo Tyres approved the company’s audited financial results for the financial year 2016-17 and recommended a dividend payout of 300%, to be approved by shareholders at the Annual General Meeting later in the year. 

“All our key operations have done well, despite the challenges in the last fiscal. Raw material prices, which have increased sharply quarter-on-quarter, continue to pose challenges for us, and have impacted our margins,” said Onkar S. Kanwar, Chairman of Apollo Tyres.

Kanwar noted that the passenger vehicle segment has seen “healthy volume growth” across geographies; however, the truck radial segment in India, while has grown in the last quarter, has been impacted by the dumping of low-cost tires, especially from China, through the year.

“With tyres rolling out from our Hungarian greenfield, and also from the expanded truck/bus radial facility in Chennai, we are looking forward to good volume growth in the current fiscal, in addition to a gradual increase in our market share in Europe over the next few years,” Kanwar emphasized.

Apollo Tyres expects its recently opened Hungarian plant in Gyöngyöshalász, northern Hungary, to play a “strategic role” in the European market, as the factory will be responsible for supplying not just the passenger tire segment, but the truck/bus radial (TBR) market as well, according to a BBJ report last week.


Investment Company Profits up 11% in 2023 Figures

Investment Company Profits up 11% in 2023

Lawmakers to Vote Monday on New President Parliament

Lawmakers to Vote Monday on New President

High-tech Ratio in Hungarian Industry Rising Innovation

High-tech Ratio in Hungarian Industry Rising

Hungarians Prioritizing Travel Over Renovations This Year Tourism

Hungarians Prioritizing Travel Over Renovations This Year


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.