Dear Shareholders As I look back at the tough uncertain and challenging FY2019 I amreminded of what Kalpana Chawla American astronaut and the first woman of Indian descentto go to space once said - The path from dreams to success does exist. May you have thevision to find it the courage to get on to it and the perseverance to follow it.

For all of us at Apollo Tyres the year was about moving to achieve our vision ofbecoming a ‘Premier tyre company with a diversified and multinational presence' andcontinued with a steadfast resolve to do what we do best – create best in classproducts offer superior value proposition to our customers work with our partnerssupport and empower communities and in the process deliver above industry growth andcreate wealth to you our shareholders. We had the courage to dream and work on it and Iam proud to mention that we are getting close to achieve our 2020 aspirations for India ofbuilding market leadership and to achieve our premiumization strategy in Europe. Despitethe uncertain times faced in the financial year our growth is a testimony of achievingthe high standards that we set for ourselves. I remain bullish that even with achallenging year ahead our employees across the globe will put in tremendous work todeliver above industry numbers. This is because we are committed to our vision and havethe perseverance to achieve it in our pursuit to build Apollo Tyres as a world classinstitution.

It has been my firm belief that every organization needs to focus on its employees inits journey for meaningful success. Personally for me the Apollo Tyres journey has beenexciting and invigorating as we grew from employees who were based only in India to nowwhere we have a multi-cultural and multi-locational employee base. In this long journeywhat has certainly not changed is our philosophy of ‘People First'. Our team hasensured that we take every step to induct new people from various geographies andethnicities into the global Apollo family. Despite the diversity I am proud to say thatwe have built an Apollo culture of taking on challenging tasks and moving together toachieve the goals. Further it is this focus on people and building a strong capability ofeffectively integrating cultures that has helped us to spread our wings far and wide.

‘Care for Society' is one of the core values deeply etched in the DNA of yourcompany and therefore our CSR strategy is not an afterthought but an integral element ofApollo Tyres corporate strategy. The year saw Kerala witnessing one of its worst floods inrecent times. Your Company rose to the challenge and contributed money material and timeto bring relief to the people whose lives were severely affected by the calamity. Alsoduring the financial year your Company continued with its multiple initiatives andcreated a real positive impact in the lives of the communities it serves. We receivedmultiple recognition including the CSR Times Award 2018 and CSR Health Impact Award forits Health CSR Project relating again to the healthcare programme for our truck drivers.As a strong proponent of sustainability your Company continues to reduce its own carbonfootprint and with the Apollo Tyres' Partnership Pact helps and supports its partners tointegrate relevant policies and processes related to the environment occupational health& safety human rights and labour laws into their business and decision makingprocesses. This is further extending the use of environmentally responsible practices forgrowing natural rubber within the overall supply chain network.

I take this opportunity to thank all the banks financial institutions various IndianState Governments and the Central Governments of India the Netherlands and Hungary ournetwork and business partners for their unstinted support and actively contributing to oursuccess. Equally I am humbled with your continued support and grateful for standing withus in times of prosperity and adversities. We at Apollo Tyres remain ever committed andsincere in our efforts to keep delivering ever better value to you. I look forward tohaving many more exciting updates for you in the current financial year.

Wishing you all the best.

Onkar S. Kanwar

Chairman and Managing Director