Apollo Tyres will lay off 1,500 casual and contract employees soon, Chairman and Managing Director Onkar S Kanwar said today.
“We will lay-off nearly 15 per cent of our total workforce. The lay-off would be limited to casual and contract labour,” Kanwar told reporters on the sidelines of 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (Ficci).
“The focus is to cut the flab since our margins are under pressure as the input cost has gone up by 45 per cent,” he said.
However, Kanwar maintained that the growth in company’s topline would beat the expected industry average of 11 per cent in the current financial year.
“Our topline is expected to grow 19 per cent year-on-year and the bottomline will be better than last year,” he said. For 2007-08 (Apr-Mar), Apollo Tyres had posted a total income of Rs 4,712 crore.