CMD Onkar Kanwar, Auto News, ET Auto

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 The company is cutting down on all avoidable costs and focusing on "good costs" - R&D, eTraining, brand building, etc.
The company is cutting down on all avoidable costs and focusing on “good costs” – R&D, eTraining, brand building, etc.

New Delhi: Apollo Tyres will continue to build on its successes around cost control, improving process efficiency and leveraging technology, according to company Chairman and MD Onkar Kanwar. In his address to shareholders in the company’s annual report for 2021-22, Kanwar said, “Looking ahead and as we get back to normal mode, I think we will see strong growth coming back to key economies across the globe. We will continue to make steady progress in all our growth pillars and, I remain confident that Apollo Tyres is on a firm growth trajectory.”

He further wrote, “On our part, we will continue to build on our successes around cost control, improving process efficiency and leveraging technology. We will continue to invest in our people and make progress in further improving the brand salience of Apollo and Vredestein.”

On the future outlook, Apollo Tyres said supply disruptions have become the norm and will result in higher and more broad-based inflation. Private consumption is expected to recover much slowly leading to restrained consumer demand.

“Against such a see-sawing outlook, Apollo Tyres continues with its cautious approach. The focus continues to be on investing in good costs and cutting down bad costs, employee safety and conserving cash,” the report said.

The company is cutting down on all avoidable costs and focusing on “good costs” – R&D, eTraining, brand building, etc, it added.

To tap the new demand coming in the Indian and APMEA (Asia Pacific/Middle East/Africa) markets, the APMEA region will continue to focus on bringing in new products in all its key segments.

The company said it has lined up some key launches in the coming year, including some future flagship products.

The Europe region has been working on refreshing its entire portfolio in the last two years. The results of this strategy have been evident given the strong growth and market share gain in FY22.

The region is confident that these refreshed products and a focus on brand spend on both the company’s global brands ‘Vredestein and Apollo’ will help the region to further its position in the market.