Apollo Tyres has registered a consolidated revenue of INR 50.77 billion for the quarter ending 30 September, 2021, an increase of 18 percent over the same period last fiscal year. The operating profit was reported at INR 6.38 billion compared with 7.07 billion, a 10.81percent drop. The net profit for Q2 closed at INR 1.74 billion, a 41.37 percent decrease as against INR 2.46 billion in the same period last fiscal year.

For the first half of the year (April–September), the company’s revenue closed at INR 96.62 billion, an increase of 35 percent over the same period last fiscal. Operating profit was up 26 percent at INR 12.05 billion, as against INR 9.53 billion. The company’s net profit, however, saw a downward trend of 26.15 percent at INR 3.02 billion, as against INR 3.81 billion in the same period last fiscal.

The company’s Indian operations witnessed revenue growth of 47 percent and 25 percent in the first half and second quarter, respectively. Similarly, Apollo’s European operations also saw growth in revenue.

Onkar Kanwar, Chairman, Apollo Tyres Ltd, said, “We have seen a robust demand for our products across categories and across geographies, which is visible in the healthy revenue growth, both for the second quarter and in the first half of the fiscal. Some of the recent additions to our product offering are helping us further extend our leadership in the commercial vehicle and passenger vehicle space in India. Europe too continues to grow, especially in the UHP and UUHP segment in the PV category. The pressure on margin front continues due to the rising raw material prices, despite taking multiple price corrections in the last few months.” (TT)

LANXESS, a specialty chemicals company, has successfully placed a six-year-tenor euro benchmark bond with a coupon of 0.0 percent in the European capital market.
The company, with about 14,800 employees in 33 countries, will use the funds to finance the planned acquisition of IFF, a US-based chemical company involved in microbial control.

The new bond is listed on the Luxembourg Stock Exchange in denominations of EUR 1,000.

Michael Pontzen, CFO, LANXESS, said, “We have secured the first step of financing already quickly after the announcement of the acquisition of IFF Microbial Control and are happy about the very receptive reaction of the capital market to our offering.” (TT)

Goodyear has launched its new RT-3B bead-to-bead tread in US and Canada in sizes 20.5R25 and 23.5R25 for off-the-road (OTR) tyres.

The new retread provides all-around performance for loaders and graders. Joining the existing lineup of premium off-the-road Goodyear tyres, the retread provides up to 60 percent savings compared to a new tyre.

Used extensively in gruelling OTR applications, retreading helps extend the life of tyres while delivering high traction and minimal tread wear. Additionally, retreading promotes sustainability by reducing unnecessary waste.

The new Goodyear RT-3B is cured in a mould and press method to generate low heat through long hours of usage via its 115-level tread depth. Strongly cut-resistant in nature, the centerline lugs and open shoulder provides optimal traction.

Loic Ravasio, General Manager, Global and Americas OTR, Goodyear, said, “We are always focused on delivering high value and low cost of ownership to our OTR customers. The RT-3B is a substantial addition to our retread portfolio providing another great option for operators to help drive efficiency, reduce costs and protect the environment.” (TT)

Anshuman Singhania, Dy. Managing Director of JK Tyre, has been appointed managing director of the company, effective October 21,2020.

Anshuman Singhania joined the Company as an Executive and over the years has been deeply involved in various activities of the Company in different positions, said the company.

Singhania is also Vice Chairman of ATMA

He is a graduate from Oxford Brookes University, UK and an alumnus of London Business School. As a young leader, he started his career from the shop floor as an apprentice and has held several positions in Planning, Production, Product Development, Quality Control, Stores & Purchase, Finance as well as Sales & Marketing. Being a techno-savvy person, he has played a key role in implementing the latest technologies in the manufacturing process at JK Tyre.

Yokohama Off-Highway Tires recently held the groundbreaking and foundation stone unveiling ceremony of its new plant at Atchutapuram, Visakhapatnam - Andhra Pradesh, India.

In the online event, Masataka Yamaishi , President & Chairman of the Board, Yokohama Rubber Co., Ltd broke the ground to commence construction work.

Yamaishi San unveiled the Foundation Stone virtually in the presence of Atao Kishi San: Chairman - ATC Tires Pvt. Ltd. and Managing Officer - The Yokohama Rubber Co., Ltd., Nitin Mantri – CEO and Anil Gupta – COO and the leadership team at Yokohama Off-Highway Tires.

The new plant will have a daily production capacity of 55 tons (rubber weight), with planned capital investment totalling US$165 million. The plant, which will be the company’s third plant in India, will manufacture its three brands ALLIANCE, GALAXY and PRIMEX brand tyres.

 Yokohama Off-Highway Tires currently has two tyre plants in India—the Dahej Plant in Gujarat and the Tirunelveli Plant in Tamil Nadu.