• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Apollo Tyres to start production at AP plant in Sept.

Juliet Woodard by Juliet Woodard
August 23, 2020
Home Business
Share on FacebookShare on Twitter

Apollo Tyres Ltd. (ATL) is expecting to start commercial production of truck tyres at its Andhra Pradesh plant during September 2020, said a top official.“The AP plant is still in its infancy stage. We have started the passenger car tyre production. The truck tyres production has still not started. We expect to start commercial production of truck tyres in September,” said Gaurav Kumar, chief financial officer, Apollo Tyres Ltd, during an earnings call.Mr. Kumar announced that ATL reduced its capex for the current fiscal by ₹400 crore to ₹1,050 crore for the Indian operations along with deferment of all increments for employees and salary cut at top level.According to him, ATL had already incurred ₹2,200 crore out of the ₹3,800 crore capital expenditure planned till March 2020, and out of the ₹1,050 crore capex for current fiscal, the largest chunk is for Andhra Pradesh. In India, the maintenance capex is pegged at about ₹200‐300 crore and in Europe between ₹150‐200 crore.“The AP plant ramp up would be completed in FY22. Going on from there, it would, of course, depend on demand, but I can safely say that FY23‐FY24 there should be only maintenance capex and we should be strongly be cash flow positive,” he said.ATL’s current inventory level stands reduced by almost ₹250 crore, or about seven days of sale. The current levels of inventory are lower and have dipped because of production constraints, where we have to operate the plants within safety guidelines; and with the demand being extremely strong, we are walking a fairly tight rope right now, he said.Despite subdued financial performance, ATL strengthened its balance sheet with cost control measures, tight control over capex and a timely equity raise. Its net debt decreased to ₹5,200 crore from ₹6,000 crore in the previous quarter.

You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages
Move smoothly between articles as our pages load instantly.

Unlimited Access
Enjoy reading as many articles as you wish without any limitations.

Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations
A select list of articles that match your interests and tastes.

Briefing
We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

Tags: Apollo Tyres
Juliet Woodard

Juliet Woodard

Next Post
Airtel Rs. 448, Rs. 499, Rs. 599, and Rs. 2,698 Prepaid Plans Now Bundle Disney+ Hotstar VIP Subscription

Airtel Rs. 448, Rs. 499, Rs. 599, and Rs. 2,698 Prepaid Plans Now Bundle Disney+ Hotstar VIP Subscription

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Redmi Note 8 Pro Starts Receiving MIUI 12 Update in India

Redmi Note 8 Pro Starts Receiving MIUI 12 Update in India

August 22, 2020
Gold plunges ₹ 1,492, silver tanks ₹ 1,476

Flipkart trains sellers ahead of sale event

October 9, 2020

Trending.

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

November 1, 2020
Brookfield to buy 18% of RMZ’s assets for $2 billion

Brookfield to buy 18% of RMZ’s assets for $2 billion

October 19, 2020
Navigating Online Marketplaces? 12 Tips For Real Estate Newbies

Navigating Online Marketplaces? 12 Tips For Real Estate Newbies

January 13, 2021
Left slams RBI proposal to give banking licences to corporates

Left slams RBI proposal to give banking licences to corporates

November 24, 2020
Gold slips ₹ 248, silver declines ₹ 853

Gold slips ₹ 248, silver declines ₹ 853

November 21, 2020

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Best iPhone 7 deals Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Dwyane Wade And Gabrielle Union Bring Los Angeles Home Back To Market At $6 Million

Dwyane Wade And Gabrielle Union Bring Los Angeles Home Back To Market At $6 Million

January 15, 2021
The Wealthy Are Moving To These 5 U.S. Mountain Towns

The Wealthy Are Moving To These 5 U.S. Mountain Towns

January 15, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.