Mumbai: Onkar Singh Kanwar has taken over the mantle of Apollo Tyres following the retirement of Raunaq Singh, its present chairman. The 29th annual general meeting of shareholders here on 19 September 2002 formally elected him as the next head of the company.
The company had achieved growth in 2001-02 despite sluggish market conditions, Kanwar said in his address. "Last financial year closed on a very positive note wherein the company increased its sales to Rs 1,710 crore, registering a 17.6 per cent growth over the previous year. The net profit spurred by 44.8 per cent and production increased to 1.46 lakh tonnes from 1.29 lakh tonnes."
All these were achieved on account of enhanced operating efficiencies, better working capital management, aggressive marketing and judicious cost-reduction measures, he said. "The company began the current fiscal also on a new high by registering an impressive first quarter results with a 137 per cent increase in the net profit compared to the same period last fiscal."
The profit before tax rose by 214 per cent while the operating profits grew by 46 per cent, he said. He attributed the overall high growth to the thrust in the non-truck segment, cost reduction and operational efficiency and effective current asset management.
Elaborating on future strategies at the AGM, Neeraj Kanwar, who recently took over as the company's COO, said: "We operate in a dynamic industry environment that is affected by developments in several sectors of the economy. Apollo Tyres shall adapt itself to the changing business imperatives. It is with this foresight that the company aims to become a market leader in the Indian tyre industry in terms of turnover, besides offering a complete range of products. We want Apollo Tyres to be distinguished as a total tyre company."
To this end, he said, the company is tying up a slew of alliances, most recently with Cummins Auto Services, to offer under one roof a full range of products and services to the commercial vehicles segment.