Apollo Tyres on Tuesday reported a consolidated net profit of ₹354 crore for the fourth quarter (Q4) ended March 31, down 13.65 per cent year-on-year (YoY) against ₹410 crore in the same period last fiscal.

Consolidated revenue from operations was marginally up (0.17 per cent) YoY at ₹6,258 crore, compared with ₹6,247 crore in Q4 FY23, the company said.

For the full financial year, the company reported a consolidated net profit of ₹1,722 crore, a jump of 65 per cent against ₹1,046 crore in the previous financial year.

Consolidated revenue from operations was up three per cent at ₹25,378 crore, against ₹24,568 crore in FY23. The company board recommended a dividend of ₹6 per equity share (i.e.600 per cent) on face value of Re.1 each for FY24.

“Our performance in the past fiscal reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share gains across product categories. Going forward too, the demand scenario is looking good for different product segments across our key geographies,” Onkar Kanwar, Chairman, Apollo Tyres, said.

Also read: Polycab India plans 30% capex boost to ₹1,100 crore

Meanwhile, the board also approved the appointment of Gaurav Kumar, Chief Financial Officer of the company, as the Wholetime Director from June 1, who will be replacing Satish Sharma, President, Asia Pacific, Middle East, and Africa (APMEA) who sought an early retirement from the company.

Pallavi Shroff, Independent Director, also stepped down from the board on completion of her maximum two terms of service. The Board also approved the nominations of Berjis Desai and Sumit Dayal to the Board of Directors with effect from August 6, the company added.

Shares of Apollo Tyres closed at ₹474.15 apiece on the BSE on Tuesday, down 0.89 per cent from the previous close.