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Wednesday, May 25, 2022

Apollo Tyres net sales up 22 percent in the fourth quarter and 12 percent for the full year

Gurgaon, India – The board of directors of Apollo Tyres Ltd. approved the company’s audited financial results for the fourth quarter (January to March) and the financial year 2017-18. The board recommended a dividend payout of 300 percent, to be approved by the shareholders at the forthcoming annual general meeting later in the year.

Consolidated revenues across operations for the fourth quarter of fiscal year 2018 grew 22 percent to close at Rs 3,982 crores. During the same period, the company reported a net profit of Rs 250 crores, which was up 10 percent as compared to the same period last fiscal year. Net sales for the full year witnessed a growth of 12 percent, as compared to the last fiscal year, to close at Rs 14,674 crores; net profit reported for the full year 2018 was Rs 724 crores. Commenting on the results, Onkar S. Kanwar, chairman, Apollo Tyres Ltd., said, “This is an impressive performance by the company, with each of the key operations witnessing a healthy volume growth across product segments.

Shortage of a key raw material and the increasing cost of crude-based raw materials did pose challenges for us. The raw material prices, as a whole, went up by more than 10 percent in the past fiscal year. This cost push is likely to continue going forward, as well, putting pressure on our margins. On the positive side, considering our capacity expansions in India and Europe, we are looking forward to a healthy growth in our top line.”

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