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Tyre Makers
The initial public offer of Tolins Tyres got fully subscribed within hours of opening of bidding on Monday and ended the first day with an overall over-subscription of 1.80 times. The initial share sale received bids for 1,34,50,866 shares against 74,88,372 shares on offer, according to NSE data. The Retail Individual Investors' portion was booked 3.16 times while the quota for non-institutional investors got subscribed 83 per cent. The Qualified Institutional Buyers (QIBs) part got subscribed 12 per cent. Tolins Tyres Ltd on Friday announced that it has mopped up Rs 69 crore from anchor investors. The company has fixed a price band of Rs 215-226 per share for its initial public offering (IPO). The Kerala-based company's initial share sale is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each throu
Apollo Tyres on Wednesday said its consolidated net profit declined by 24 per cent to Rs 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost. The company had reported a net profit of Rs 397 crore in the April-June quarter of the last fiscal. Revenue from operations for the quarter under review stood at Rs 6,335 crore, as against Rs 6,245 crore in the year-ago period, Apollo Tyres said in a statement. "Coming to our quarterly performance, the replacement and exports from India have witnessed a good growth, and we expect the same to continue in the coming quarters as well," Apollo Tyres Chairman Onkar Kanwar said. Europe continues to perform well under current market conditions, he added. Shares of the tyre-maker on Wednesday ended 1.04 per cent up at Rs 520.75 apiece on the BSE.
JK Tyre & Industries on Saturday reported a 37 per cent year-on-year increase in consolidated net profit at Rs 211 crore in the first quarter ended June 30, 2024. The tyre maker has reported a net profit of Rs 154 crore for the April-June quarter of last fiscal. Total income declined to Rs 3,655 crore for the period under review from Rs 3,726 crore in the June quarter of FY24, JK Tyre said in a regulatory filing. "We continue to deliver profitable growth with a year-on-year increase in operating margins," JK Tyre Chairman and Managing Director Raghupati Singhania said. The company's strategic thrust on premiumisation and pricing has helped it manage the raw material cost pressures, he added. Although overall revenues were marginally lower due to decline in the OEM segment, this was largely offset by increased exports, Singhania stated. During the quarter, exports recorded healthy double-digit growth, despite geo-political disruptions and rising ocean freight, he said. "Looking .
Domestic tyre sale volumes are expected to see a moderate growth of 4-6 per cent this fiscal after witnessing an estimated pace of 6-8 per cent in the previous financial year, ratings agency Icra said on Thursday. This growth in the last fiscal was driven by factors such as elevated base and subdued growth in the commercial vehicle (CV) segment, it said. However, Icra anticipates domestic demand from original equipment manufacturers (OEMs) in certain consumer segments like PV (passenger vehicle) and two-wheeler as well as for replacement to remain healthy, supporting overall tyre volume expansion in FY25. While revenues are likely to expand by 5-7 per cent this fiscal, high natural rubber prices and increasing crude prices are likely to moderate the tyre industry's margins by 200-300 basis points (bps) in FY25, Icra said. The rating agency also said it expects the replacement market, which contributes to over two-thirds of the industry volumes, to remain stable, aided by healthy ..
Japanese tyre major Bridgestone expects to clock 25 per cent growth in revenue between 2024 and 2026 in India, which is its fastest-growing market globally, according to senior company officials. The company, which on Wednesday launched its 'Turanza 6i' premium range of passenger vehicle tyres developed specifically for the Indian market, will be increasing its tyre production to 40,000 per day in the next four to five years from the current 30,000 per day. "The size of the business (in India) out of our total global portfolio today is limited. However, it is the fastest-growing business portfolio in our global business. So that's why huge attention is there and strategic attention is here in India," Bridgestone India Managing Director Hiroshi Yoshizane told PTI in an interview. He said Bridgestone is already a leader in the aftermarket segment of passenger vehicle tyres in India with around 20 per cent share and the company's goal is to strengthen its position further. When asked
Tyre maker CEAT Ltd is looking to cash in on the growth of passenger vehicles sales in India, which will boost demand in the replacement market going forward, according to the company Managing Director & CEO Arnab Banerjee. The company is also gearing up to enter the passenger vehicles (PV) and truck and bus radial (TBR) tyre market in the US in the first quarter of the next fiscal, with an eye on making its international business one of the growth engines. "Four million cars means immediate translation into replacement demand in the next two to three years. So it is a very good trajectory. The Original Equipment Manufacturer (OEM) trajectory is boding very well for the replacement market," Banerjee told PTI. He was responding to a query on the impact of the growth of PV sales in India on tyre makers. In 2023, PV sales in India touched a record high at 41.08 lakh units, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total ...
Five Indian companies featured among the top 30 tyre manufacturers globally, according to a report by Automotive Tyre Manufacturers' Association (ATMA). In the 'Tire Business Magazine's 38th Global Tire Report' by ATMA based on revenue in 2022, Apollo, MRF, JK Tyre, CEAT, and Balkrishna Industries (BKT) from India featured in the top 30 list. As per the report, Apollo is at the 13th position and MRF at the 14th, JK Tyre at 19th, CEAT at 22nd and BKT at 27th in the top 30 list. Michelin, Bridgestone, Goodyear, and Continental continue to occupy the top four spots, the report said. "For quite a few years, we had only three Indian companies in the top 30. CEAT made an entry in the coveted list a couple of years ago and now BKT also finds a pride of place," ATMA Director General Rajiv Budhraja said in a statement. ATMA said in the last 10 years, Apollo has moved up four places, while JK Tyre has advanced six places. On the other hand, CEAT moved up 13 places, while off-road major BKT
TVS Srichakra Ltd, makers of TVS Eurogrip, Eurogrip and TVS brand of tyres, has drawn up plans to acquire the US-based Super Grip Corporation as part of its vision to grow in the global off-highway tyre market. On Friday, the company's board of directors approved the formation of a subsidiary in the United States market ahead of the acquisition plan. Super Grip Corporation, established in 1984, is engaged in manufacturing of high-quality tyres for the industrial tyre market. We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally, TVS Srichakra Ltd Director S Ravichandran said in a company statement here. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time, he said. TVS Srichakra recently invested in a new plant at its facility in Madurai to double the off-highway tyre capacity. This investment is largely
Tyre maker CEAT Ltd on Monday reported a steep rise in consolidated net profit at Rs 207.72 crore for the September quarter. The company had posted a consolidated net profit of Rs 6.44 crore in the year-ago period, CEAT Ltd said in a regulatory filing. Consolidated revenue from operations during the second quarter of the current fiscal stood at Rs 3,053.32 crore as against Rs 2,894.48 crore in the year-ago period, it added. Total expenses were lower at Rs 2,793.41 crore as compared to Rs 2,864.18 crore last year, the company said. "The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter," CEAT Ltd MD & CEO Arnab Banerjee said in a statement.