GRP Reports 20% Revenue Growth, Plans Major Expansion into Tyre Recycling
- By TT News
- February 07, 2025
GRP, an Indian rubber recycling company, reported a 20 percent year-over-year revenue growth for both Q3 and the first nine months of FY25, despite facing margin pressures from elevated raw material costs.
The company recorded total income of INR 1,327 million in Q3 FY25, with EBITDA margins holding steady at 9.8 percent. For the nine-month period, revenue reached INR 3,912 million, while EBITDA stood at INR 363 million.
"We achieved a 12 percent increase in volumes on a standalone basis, with Reclaim Rubber volumes growing nine percent despite subdued global tyre demand," said Harsh Gandhi, Managing Director of GRP Limited.
The company recognized INR 121 million in Extended Producer Responsibility (EPR) credits year-to-date, with an additional INR 180 million worth of credits valued at minimum support price still available for sale.
Expansion Plans
GRP is moving forward with its INR 2.5 billion expansion plan, having secured financing from French development finance institution Proparco. The company has also received shareholder approval to raise an additional INR 1.5 billion through a qualified institutional placement.
"We remain on track to commence operations for the first line of crumb rubber and continuous pyrolysis line by Q4 of this financial year," Gandhi stated, noting that INR 330 million has already been invested in the project.
Industry Developments
The expansion comes as major carbon black producers like Birla Carbon, Epsilon Carbon, and Phillips Carbon Black launch recovered carbon black products using tyre pyrolysis oil (TPO).
"With carbon black producers now actively sourcing TPO to produce their own grades of recovered carbon black, it allows us a new avenue for sale, which was maybe 6 to 8 months ago, was non-existent," Gandhi explained.
Future Outlook
The company expects margins to stabilize following recent raw material cost pressures, particularly in its synthetic rubber reclaim business. GRP's subsidiary focused on recycled polyolefins is gaining approvals from major brands ahead of new recycling regulations taking effect from April 2025.
"Once we do get into this business, there are a lot of synergies between the two businesses, and that will allow for the overall margin profile of the business to move towards mid-teens and even a little higher towards the high-teen EBITDA numbers for a consolidated level," Gandhi added.
Citira Strengthens Southern Sweden Presence With First Däckstop Acquisition
- By TT News
- August 07, 2026
Citira, a Sweden-based company specialising in circular tyre management, has announced the acquisition of First Däckstop i Lomma, a prominent service point located just north of Malmö in southern Sweden. This transaction significantly bolsters Citira’s expanding service coverage in the region, securing a crucial location along the E6 highway and in close proximity to Malmö. The establishment is recognised for its rapid, premium-quality service and a customer-friendly atmosphere.
The local operation will remain under the continued management of Patrik Nilsson, retaining the existing team and premises while benefiting from Citira’s broader resources and network for future growth. Jonas Åkesson and Patrik Nilsson, who together cultivated the service point’s strong reputation for customer loyalty and referrals, will acquire co-ownership stakes in Citira as part of the agreement.
Urban Tibbelin, Head of Sweden at Citira, said, “What stands out with First Däckstop is how efficiently Jonas and Patrik run things, without ever losing the personal touch that makes customers feel welcome. That's the kind of culture we want more of in Citira, and it will serve our customers in Skåne well.”
Patrik Nilsson of First Däckstop said, “Joining Citira feels like finding a group of like-minded colleagues who share our approach to service. Jonas and I are proud of what we've built here, and we're looking forward to what comes next.”
Apollo Tyres Reports INR 73.98 Bln Quarterly Revenue As Profits Recover
- By TT News
- August 07, 2026
Apollo Tyres reported consolidated revenue of INR 73.98 billion for the quarter ended June 30, 2026, marking a 13 percent increase from INR 65.61 billion a year earlier, as steady growth in India and resilient performance in Europe supported the top line.
Operating profit stood at INR 8.68 billion, broadly unchanged from the same period last year, while net profit rose sharply to INR 3.49 billion from INR 0.13 billion, which had been affected by restructuring and impairment costs linked to its Netherlands plant.
Total income for the quarter was INR 74.56 billion, while profit before tax came in at INR 4.68 billion.
The company reported total expenses of INR 70.12 billion, with raw material costs accounting for INR 40.90 billion and employee benefit expenses at INR 9.63 billion, underlining continued cost pressures across operations.
Profit before exceptional items and tax was INR 4.44 billion, while exceptional items had a negative impact of INR 0.24 billion during the quarter.
Regionally, revenue from the Asia-Pacific, Middle East and Africa (APMEA) segment reached INR 55.29 billion, while Europe contributed INR 20.39 billion, reflecting stable demand across key markets.
The company said Indian operations recorded steady growth, while European operations remained resilient despite a challenging business environment.
Onkar Kanwar said the company delivered “healthy revenue growth” supported by demand across segments and high-capacity utilisation. “We continue to pursue profitable growth by strengthening execution, enhancing operational efficiency and staying closely aligned with customer requirements,” he said.
The company also announced the resignation of its chief financial officer, Gaurav Kumar, who will step down to pursue other opportunities. He said it had been “terrific to be part of the incredible journey at Apollo Tyres” and that he hoped to have contributed during his tenure.
Neeraj Kanwar said Kumar had played a critical role in the company’s growth over two decades and wished him well for the future.
Apollo Tyres said it is in the process of appointing a new chief financial officer.
EU Imposes Definitive Anti-Dumping Duties On Chinese Tyre Imports
- By TT News
- August 06, 2026
The European Commission published a regulation on 7 July 2026 establishing definitive anti-dumping duties on passenger-car and light-lorry tyre imports originating from China. The duties, which range between 4.3 percent and 45.3 percent, follow an investigation confirming that these products were being sold in the EU at dumped prices.
The probe, which covered a broad range of pneumatic rubber tyres with a load index below 121, found that the dumped imports had inflicted damage upon the Union’s tyre sector, which provides employment for over 80,000 workers across 14 member states. In 2024, total EU consumption in this market exceeded 330 million units, valued at more than EUR 18 billion.
Chinese imports that year reached nearly 93 million units, worth over EUR 2.5 billion and accounting for a 28 percent market share. A separate anti-subsidy investigation concerning the same products remains active, with its conclusion scheduled for December of this year.
Sri Trang Group Kicks Off Somwang Cup 2026 With Over 800 Participants
- By TT News
- August 06, 2026
Sri Trang Group has formally inaugurated its annual internal sports tournament, the Somwang Cup 2026, reinforcing its dedication to employee welfare and organisational cohesion. The event is designed to enhance both physical and mental health among staff while simultaneously fostering a robust sense of unity and team spirit. This initiative is a core component of the group’s broader sustainability strategy, which prioritises the continuous improvement of its employees’ quality of life.
The official opening ceremony took place on 1 August 2026 at the Kickoff Arena in Hat Yai, Songkhla, featuring competitions in men’s football and women’s volleyball. The tournament has drawn significant participation, with over 800 employees from 11 different companies within the Sri Trang Group across Thailand. The men’s football competition, now in its fourth year, includes 44 teams, while the women’s volleyball event, in its second consecutive year, features 26 teams.
The competitive structure will see the leading squads from both disciplines progress to the final rounds scheduled for December. These culminating matches will determine the championship titleholders, with a combined total of more than THB 200,000 in prize money at stake.
Beyond the athletic contests, the Somwang Cup places a premium on positive sportsmanship, with Fair Play and Outstanding Athlete Awards recognising exemplary conduct. Having evolved into a cornerstone of the group’s corporate culture, the event is instrumental in building strong internal relationships and a resilient foundation for sustainable business growth.
Veerasith Sinchareonkul, Group CEO of Sri Trang Group, said, “At the heart of Somwang Cup 2026 is our commitment to creating a space where Sri Trang Group employees and members of the surrounding communities, particularly local young people who attend and support the competitions, can build meaningful relationships and strengthen their physical and mental well-being through sport. The event also provides an opportunity for younger generations to learn the value of teamwork. I believe that an organisation’s success should not be measured solely by its business performance or the results of a competition but also by the quality of life and well-being of its employees.”
Pirat Fuengfha, Sourcing Division Manager, and Veerin Auengteerasuwan, Human Resource Division Manager of Sri Trang Agro-Industry Public Company Limited (STA), together with Phuriwatt Seesuk, Community Engagement Manager of Sri Trang Gloves (Thailand) Public Company Limited (STGT), jointly commented, “Employees are one of the organisation’s most valuable resources. We are therefore committed to enhancing their quality of life and supporting both their physical and mental well-being. Organising football and volleyball competitions encourages employees to exercise regularly while also providing an opportunity for colleagues from different teams and locations to connect and participate in activities together through sport. We firmly believe that healthy, happy and engaged employees are a vital force in driving Sri Trang Group towards sustainable growth.”
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