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Download Full Report CONTENTS 02 Unstoppable Corporate overview We have been persistent 02 Unstoppable in our aim to establishing 04 Chairman’s Message and maintaining market leadership to be able to achieve 06 Vice Chairman’s Message unprecedented growth for our 08 Board of Directors stakeholders. 10 Management Board 12 Key Performance Highlights 14 14 Integrated Report Integrated Report 28 Management Discussion & Analysis Apollo Tyres’ contribution 51 Sustainability Snapshot to social and economic development is critical to create and sustain an enabling environment for investment. This has enabled the Company’s positioning as a credible Statutory Reports stakeholder partner. 84 Board’s Report 95 Annual Report on CSR 28 102 Business Responsibility Report Management 126 Corporate Governance Report Discussion & Analysis Financial Statements 161 Standalone Financial Statements 223 Consolidated Financial Statements UNSTOPPABLE Since inception, we have worked towards establishing ourselves as a leading player in the sale and manufacture of tyres. We have been persistent in our aim to establishing and maintaining market leadership and be able to achieve unprecedented growth for our stakeholders. In FY2018-19 (FY2019), we continued to focus We are unstoppable in establishing our on our key revenue generating regions APMEA leadership across multiple segments. (Asia Pacific, Middle East and Africa, including Our consistently advancing product range coupled India) and Europe. We expanded our presence in with product innovations are enabling us to achieve Americas by added new territories and increasing the same. our value proposition. The APMEA operation continued its focus on consolidating its leadership We are unstoppable in working towards achieving and enhancing share in India through the cutting edge manufacturing capabilities and introduction of best in class and technologically world-class R&D. advanced products. Increased OEM approvals and increased customer We believe growth can be achieved both the satisfaction evident from our number one rank organically and inorganically. Following this in the JD Power 2018 India Original Equipment guiding principle, in the fiscal under review, we Tyre Customer Satisfaction Index in small cars continued our steady growth trajectory and segment and number two rank in the midsize cars reached closer towards achieving our vision. or sedan segment category are proof that we are on the right track and initiatives such as enhancing We believe exciting times are ahead of us and we our technological advancements and unwavering are working towards capitalising upcoming market focus on quality fuelling our journey of growth. opportunities through our ‘Vision 2020’ strategy. We are unstoppable in building brand salience and We are unstoppable in the pursuit of this establish ourselves as a premium player in Europe. vision. Our strategy of seeding markets with country- specific products and expanding distribution networks are the major drivers helping us in building our brand equity. Corporate Overview Statutory Reports Financial Statements COMPANY OVERVIEW Headquartered in Gurgaon, Headquartered in Gurgaon, India, Apollo Tyres Limited was founded in 1972 and has since been a India, Apollo Tyres Limited was trusted name in the business of manufacture and founded in 1972 and has since sale of tyres. been a trusted name in the We cater to over 100 nations across the world and market products under two brands- Apollo business of manufacture and and Vredestein. We sell our products across the sale of tyres. globe through our extensive network of branded, exclusive and multi-product outlets and source them through our multiple manufacturing units in India, Netherlands and Hungary. We clocked a turnover of `17,273 crores at the end of the fiscal under review, backed by our robust global workforce of approximately 17,176 employees. `172.73 BN `6.80 BN Revenues Net profit `20.82 BN 12.1 % `21.37BN Operating profit EBITDA margin CAP Expenditure 3 Apollo Tyres Ltd Annual Report 2018-19 CHAIRMAN’S MESSAGE People First Dear Shareholders, As I look back at the tough, uncertain and challenging FY2019, I am reminded of what Kalpana Chawla, American astronaut and the first woman of Indian descent to go to space, once said - The path from dreams to success does exist. May you have the vision to find it, the courage to get on to it, and the perseverance to follow it. 4 Corporate Overview Statutory Reports Financial Statements For all of us at Apollo Tyres, the year was about an integral element of Apollo Tyres corporate moving to achieve our vision of becoming a strategy. The year saw Kerala witnessing one of its ‘Premier tyre company with a diversified and worst floods in recent times. Your Company rose to multinational presence’ and continued, with a the challenge and contributed money, material and steadfast resolve, to do what we do best – create time to bring relief to the people whose lives were best in class products, offer superior value severely affected by the calamity. Also, during proposition to our customers, work with our the financial year, your Company continued with partners, support and empower communities, and, its multiple initiatives and created a real positive in the process, deliver above industry growth and impact in the lives of the communities it serves. create wealth to you, our shareholders. We had the We received multiple recognition including the CSR courage to dream and work on it and I am proud Times Award 2018 and CSR Health Impact Award to mention that we are getting close to achieve for its Health CSR Project, relating again to the our 2020 aspirations for India of building market healthcare programme for our truck drivers. As a leadership and to achieve our premiumization strong proponent of sustainability, your Company strategy in Europe. Despite the uncertain times continues to reduce its own carbon footprint and faced in the financial year, our growth is a with the Apollo Tyres’ Partnership Pact helps testimony of achieving the high standards that we and supports its partners to integrate relevant set for ourselves. I remain bullish that even with policies and processes related to the environment, a challenging year ahead, our employees across occupational health & safety, human rights and the globe will put in tremendous work to deliver labour laws into their business and decision above industry numbers. This is because, we are making processes. This is further extending the committed to our vision and have the perseverance use of environmentally responsible practices for to achieve it in our pursuit to build Apollo Tyres as growing natural rubber within the overall supply a world class institution. chain network. It has been my firm belief that every organization I take this opportunity to thank all the banks, needs to focus on its employees in its journey for financial institutions, various Indian State meaningful success. Personally for me, the Apollo Governments and the Central Governments of Tyres journey has been exciting and invigorating India, the Netherlands and Hungary, our network as we grew from employees who were based only and business partners for their unstinted support in India to now where we have a multi-cultural and actively contributing to our success. Equally, and multi-locational employee base. In this long I am humbled with your continued support and journey, what has certainly not changed is our grateful for standing with us in times of prosperity philosophy of ‘People First’. Our team has ensured and adversities. We at Apollo Tyres remain ever that we take every step to induct new people from committed and sincere in our efforts to keep various geographies and ethnicities into the global delivering ever better value to you. I look forward Apollo family. Despite the diversity, I am proud to to having many more exciting updates for you in say that we have built an Apollo culture of taking the current financial year. on challenging tasks and moving together to Wishing you all the best. achieve the goals. Further, it is this focus on people and building a strong capability of effectively integrating cultures that has helped us to spread our wings far and wide. ‘Care for Society’ is one of the core values deeply etched in the DNA of your company and therefore our CSR strategy is not an afterthought but Onkar S. Kanwar Chairman and Managing Director 5 Apollo Tyres Ltd Annual Report 2018-19 VICE CHAIRMAN’S MESSAGE Unstoppable to achieve our 2020 vision Dear Shareholders, Beyond upping the brand quotient, we continued to aggressively replicate our Indian success of building deeper The cornerstone for Apollo Tyres’ success has been its engagement with Original Equipment (OE) in Europe. In relentless focus on profitable, sustainable growth. This Europe, we added Ford Fiesta to the list which will run on unceasing focus is what makes each employee of your Vredestein Quatrac 5 as a standard fitment. We are already Company Unstoppable and a reason why we have picked the working closely with Volkswagen for Polo, Seat for Ibiza and theme for this year’s annual report. In the pages that follow, Ford for its EcoSport vehicle. We will continue to build on I hope you get a sense of how we have worked to deliver these successes and I am confident that with our plants in above industry growth by upping the brand, continuing our Europe, we will increase our leadership position in the region. intense focus on R&D and launching best in class products, winning new customers and much more. We continue to be Further, our global R&D centres continued to support both unstoppable in our bid to achieve our 2020 vision - ‘To be APMEA and Europe as we launched multiple products in our a leading and premier tyre company with a diversified and key markets including the new Wintrac Pro, the new ultra- multinational presence’. high-performance winter tyre, and Vredestein Quatrac Pro, the all-season tyre for the ultra-high performance segment One of the big highlights and an incredibly proud moment for and cars such as the Alfa Romeo Stelvio, Volvo XC90 and all of us at Apollo Tyres was the two honours bestowed on BMW 5-series.
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