Apollo Tyres plans to become a net zero company by 2050, according to Chairman Onkar Kanwar. He stated that sustainability is good for both the planet and business. “We have ambitious goals. We aim to be Net Zero by 2050, use more sustainable materials, and reduce emissions. It’s a big challenge, but we are committed,” Kanwar said at the company’s 51st Annual General Meeting (AGM).
He emphasized the urgency of this goal, noting the increasing weather issues like warmer temperatures, stronger storms, and unseasonal floods. “Scientists say 2023 was the hottest year ever recorded. We need to act now,” Kanwar added.
Kanwar assured that Apollo Tyres is actively integrating sustainability into all operations. “It won’t happen overnight, but you’ll see the results in the coming years,” he said. Apollo Tyres’ consolidated revenues for FY24 grew 3% to Rs 25,378 crores, with net profit up 65% to Rs 1,722 crores from Rs 1,046 crores last year.
Kanwar attributed this to various measures that improved financial performance, focused on better financial ratios, efficient asset use, and higher process efficiencies, building a strong foundation for future success.
Apollo Tyres is a prominent Indian tyre manufacturer known for its extensive range of tyres for passenger cars, commercial vehicles, and two-wheelers. Founded in 1972, the company has established itself as a leading player in the global tyre market with a strong presence in over 100 countries.
Apollo Tyres is committed to innovation and sustainability, consistently investing in research and development to produce high-quality, eco-friendly products. The company’s focus on technological advancements, customer satisfaction, and strategic expansions has helped it achieve significant growth and maintain a competitive edge in the industry.
