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India Equity Research Reports, IPO and Stock News
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Apollo Tyres: Buy; PT Rs84
�� Indian operations are more exposed to raw material volatility compared to
European operations (Vredestein). Raw material is 70% of revenue for
Indian operations compared to 35% of revenue for European operations.
�� Domestic business to see 10-15% volume growth and 12-15% pricing
growth. Margins in domestic business to improve on the back of price
increases taken.
�� Chinese imports in truck radial segment -- has stabilized and half the radial
imports are branded imports by MNC tyre companies.
�� Chennai capacity ramp up and utilization on schedule. Chennai plant to
increase production from 150 TPD during Q4FY11 to 350-400 TPD during
Q4FY12.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Apollo Tyres: Buy; PT Rs84
�� Indian operations are more exposed to raw material volatility compared to
European operations (Vredestein). Raw material is 70% of revenue for
Indian operations compared to 35% of revenue for European operations.
�� Domestic business to see 10-15% volume growth and 12-15% pricing
growth. Margins in domestic business to improve on the back of price
increases taken.
�� Chinese imports in truck radial segment -- has stabilized and half the radial
imports are branded imports by MNC tyre companies.
�� Chennai capacity ramp up and utilization on schedule. Chennai plant to
increase production from 150 TPD during Q4FY11 to 350-400 TPD during
Q4FY12.
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