"It's a big challenge, but we are committed," Chairman Onkar Kanwar said.
25 Jul 2024 | 1591 Views | By Shahkar Abidi
Apollo Tyres wants to be a net zero firm by 2050. That's the word coming in from Chairman Onkar Kanwar, terming sustainability as not just good for the planet but also for business.
"We are setting ambitious goals. We are aiming to be Net Zero by 2050, use more ...
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Apollo Tyres wants to be a net zero firm by 2050. That's the word coming in from Chairman Onkar Kanwar, terming sustainability as not just good for the planet but also for business.
"We are setting ambitious goals. We are aiming to be Net Zero by 2050, use more sustainable materials, and cut back on emissions. It's a big challenge, but we are committed," Kanwar stated in his address at the company's 51st Annual General Meeting (AGM).
According to him, path towards net zero seems significant considering the increasing instances of weather getting warmer, wilder storms and unseasonal floods, which is affecting everyone. "Scientists tell us 2023 was the hottest year ever recorded, and things don't look like they are slowing down," Kanwar added, while highlighting the urgency of the measures to be taken to negate the ill effects of the developments.
"At Apollo Tyres, we can't just sit back and watch. That's not who we are. We are taking action, weaving sustainability into everything we do. It won't happen overnight, but you'll see the results in the years to come," the top executive continued.
Apollo Tyres' consolidated revenues for the financial year FY24 grew 3% to close at Rs 25,378 crores, whereas net profit was up 65% to close at Rs 1,722 crore, as against Rs 1,046 crores in the same period last fiscal. "This has been due to the various measures we implemented to enhance our financial performance," Kanwar further added, before continuing that a sharp focus on improving the financial ratios, sweating assets and bringing in higher efficiencies in processes has been their way of building a solid foundation for future success.