Satish Sharma, President, Asia Pacific, Middle East and Africa, Apollo Tyres Ltd, said double-digit revenue growth is expected in FY2024, reflecting growth in organic sales. He said the Indian tire industry is in good shape due to strong demand and easy raw material prices, but whether tire prices will come down depends on the intensity of competition.

Sharma in an interaction here said, “We are still seeing double digit growth.” That is absolutely possible. He was answering questions about 2024 Fiscal year revenue growth outlook.

Apollo Tires consolidated operating revenue for 2022-23 is Rs 245.68 crore as against Rs 209.48 crore in 2021-22.

Sharma said that the basic effect and impact of COVID-19 prevalence has “completely disappeared” and added: “From now on, everything is volume (growth), which can’t be separated from value (due to price increases), but there is no mixing except concentration. ” Said. This is an ongoing process. ‘

2024 Tire Industry Tire Industry The fiscal year will be one of pure performance based on sales growth and organic economic growth.

Sharma said, “India is in a very favorable position. From all macro perspectives, this is India’s time. He added that despite the current global geopolitical challenges, “If the world doesn’t, we will have very serious problems and inflation elsewhere.” It is becoming more moderate, which will lead to better demand in India.

While the commercial vehicle segment is in the midst of an upgrade cycle, which “could be a longer cycle” for OEMs, the passenger car segment could perform better than it has in the past decade, he added. The record of low single-digit growth is turning into high single-digit growth.

Asked about the likelihood of lower tire prices due to lower raw material costs, Sharma said, “. The pricing scenario seems far-fetched to me considering the uncertainty in the environment and the fact that inflation has not yet eased. But ultimately, they are always influenced by the intensity of competition.

Going forward, he said, Apollo Tyres will continue to focus on its “technology-driven” premium positioning across categories. He said the company’s Vredestein brand is winning the OEM business in the luxury car segment and Apollo Tyres is also winning the two-wheeler segment. He said the company mainly supplies radial tires to Royal Enfield and KTM. In line with its radial strategy, the company has added light truck business in which it holds 80% stake.