Apollo Tyres on Friday reported nine per cent fall in net profit at Rs 142 crore for the fourth quarter ended March 31 compared with Rs 157 crore in the corresponding period last year.

The company’s consolidated net sales also declined by six per cent to Rs 3,038 crore against Rs 3,231 crore in the fourth quarter previous year.

The board has recommended a dividend payment of 50 per cent, it said.

“Our continued focus on improving our product and customer mix across geographies has helped us to hold on to our topline, despite the extremely challenging circumstances arising out of broader economic concerns,” said Onkar S. Kanwar, Chairman.

Its consolidated annual revenues across operations in Asia, Africa and Europe, increased by five per cent to Rs 12,795 crore. The Indian operations’ revenue grew four per cent this year as compared to the previous year; European operations by 5 per cent whereas African operations grew 15 per cent.

On future outlook, he said that the worst is behind us, and we should see improvement in both automotive and tyre sales.