Apollo Tyres Ltd. (ATL) is working to attain its long-term imaginative and prescient of being a premier tyre firm with a diversified and multinational presence undeterred by the affect of COVID-19, mentioned a high 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 notice 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 mentioned.
Viewing the present scenario as a chance, ATL had prepared launched a number of initiatives below the DRIVE management theme — to re-engineer the corporate. “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 mentioned.
Onkar S. Kanwar, CMD, mentioned ATL continued to pursue worthwhile progress technique by specializing in a three-pronged strategy — consolidate market place in current markets whereas in search of new markets/new segments; proceed to spend money on Apollo and Vredestein manufacturers, in addition to in capability growth and discover different progress alternatives.
“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 mentioned.
Despite the disaster, ATL inaugurated its seventh manufacturing plant in Andhra Pradesh in June 2020 and an one other in Gujarat in July 2020, he identified.