Apollo Tyres Ltd. (ATL) is working to achieve its long-term vision of being a premier tyre company with a diversified and multinational presence undeterred by the impact of COVID-19, said a top official.
“We continue to do what we do best — launch new products for a better product mix, seed new markets, expand distribution network and focus on cost and process efficiencies,” Neeraj Kanwar, vice-chairman and MDwrote in a note to the shareholders.
“While the year at large was a slow one for the auto and the tyre industry, at Apollo Tyres, life was at full steam as we continued to race ahead to achieve our long term vision,” he said.
Viewing the current situation as an opportunity, ATL had ready launched multiple initiatives under the DRIVE leadership theme — to re-engineer the company. “We are learning from the pandemic experience and will make this our new normal as we energise the entire company to achieve higher productivity,” he said.
Onkar S. Kanwar, CMD, said ATL continued to pursue profitable growth strategy by focusing on a three-pronged approach — consolidate market position in existing markets while seeking new markets/new segments; continue to invest in Apollo and Vredestein brands, as well as in capacity expansion and explore other growth opportunities.
“Looking ahead, it is reasonable to assume that the uncertainty will continue. I personally do not see an early end of this ‘new normal.’ Yet, the show must go on and we are already adapting and finding opportunities for growth,” Mr. Kanwar said.
Despite the crisis, ATL inaugurated its seventh manufacturing plant in Andhra Pradesh in June 2020 and an another in Gujarat in July 2020, he pointed out.