not yet made any changes to its business plans, although it continues to monitor the situation in order to determine if any adjustments are required. “For FY’22, we had already announced a CapEx of ₹18 billion earlier, which we are going ahead with. We continue monitoring the situation closely to see if there is demand slowdown, which may need minor CapEx deferment. But surely there will not be much deviation from this CapEx figure for FY’22,” Kanwar noted.
Nevertheless, with the aim of de-risking its operations, Apollo Tyres has been growing its overseas market, particularly in North America, where the company has launched a comprehensive brand offering, backed by a full range of tyres for passenger and commercial vehicles.
“We’ve been building the overseas markets from the last several years, for not being dependent on one geography. We have developed our markets in North America, South America, the ASEAN-Middle East region as part of our strategy to de-risk ourselves and not being dependent on just one market alone. There’s a lot of R&D, brand building that has gone in in these geographies. And in such times as last quarter, we upped the volumes in these geographies,” the company’s chairman revealed.
Therefore, it comes as no surprise that the tyre manufacturer’s international business has fared better than India, particularly in the past quarter.
