Jan 23, 2014, 09.30 PM IST
A lot needs to be done in India. Infrastructure is at a halt. There are no projects that we see in the pipeline. So, one is really seeing what is going to happen with the election and the government, Neeraj Kanwar said.
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Apollo learnt some lessons from Cooper divorce: MD
A lot needs to be done in India. Infrastructure is at a halt. There are no projects that we see in the pipeline. So, one is really seeing what is going to happen with the election and the government, Neeraj Kanwar said.
Like this story, share it with millions of investors on M3
Apollo learnt some lessons from Cooper divorce: MD
A lot needs to be done in India. Infrastructure is at a halt. There are no projects that we see in the pipeline. So, one is really seeing what is going to happen with the election and the government, Neeraj Kanwar said.
For us focus is really Europe because we have a well established distribution network here.
Neeraj Kanwar
VC & MD
Apollo Tyres
Also Read: Optimistic on India; 2014 to be better than 2013, says Nissan
Below is the edited transcript of Neeraj Kanwar's interview with CNBC-TV18's Menaka Doshi
Q: Where do you stand as far as India is concernd?
A: The mood is upbeat I have been through a lot of sessions where a lot of industrialists. It seems like we are on a speedy recovery. Seems like US is on a good path. Europe is slightly getting out of the crisis situation. Much has to be seen what India is going to go through because we are right now in election time. The economy is still pretty down. In our industry commercial vehicles are down 50 percent, passenger is down by 25-30 percent. So a lot needs to be done in India. Infrastructure is at a halt. There are no projects that we see in the pipeline. So, one is really seeing what is going to happen with the election and the government. We are very hopeful that some positive moves will be made in India to boost the economy.
Q: Why your deal with Cooper fell apart? Is it because you had some degree of buyer's remorse given the kind of analyst and investor reaction we saw to the deal or is it because the problems with China were unresolveable?
A: I would not like to go into specifics because the case is still on. I can only tell you we never had buyer's remorse and court also gave that hearing that Apollo never had buyers remorse. I still believe it is a very good fit for the organisation and the rationale behind the transaction was a good rationale.
It did not happen because of the Chinese joint venture. I don't want to say much more on that. I wish them all the best for their future and how they tackle their issues as far as Cooper is concerned. For Apollo much has to be done. We have lost time in the past one year but I think a good learning has happened in the organization. We have seen what synergies we can do ourselves within the organization. So, there is going to be an upbeat – as always Apollo is an aggressive company. We do look at aggressive growths within the company.
We have planned out the next year for ourselves. The vision is to be in the top 10. We are going to do again with organic and inorganic growth. So, nothing is going to stop or derail us from our vision. Organically we have to grow, we have to set up few new plants in various territories. For us focus is really Europe because we have a well established distribution network here. Focus remains India. We will keep on continuing to gain market share in India and focus moves on to South East Asia, Middle East and Brazil. We are going on an aggressive path. Growth will come in but there is a lot of action right now happening in the company.
Apollo Tyres stock price
On January 23, 2014, Apollo Tyres closed at Rs 113.65, down Rs 0.6, or 0.53 percent. The 52-week high of the share was Rs 118.70 and the 52-week low was Rs 54.60.
The company's trailing 12-month (TTM) EPS was at Rs 7.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 15.7. The latest book value of the company is Rs 46.24 per share. At current value, the price-to-book value of the company is 2.46.
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