Apollo Tyres, on Tuesday, reported a consolidated net profit of ₹427 crore for the fourth quarter ended March 31, a jump of 278 per cent year-on-year (y-o-y) compared with ₹113 crore in the corresponding period last year.

Beating the streets’ expectations, consolidated revenue of the company also rose by 12 per cent y-o- y₹6,247 crore for the quarter in review as against ₹5,578 crore in the January-March period last year.

The board of the company also recommended an interim dividend payout of ₹4 per equity share, and a special dividend of ₹0.50 per equity share, aggregating to ₹4.50 (450 per cent), on face value of ₹1 each for FY23, subject to the approval of the shareholders at the forthcoming annual general meeting, Apollo said in a filing to BSE.

Also read: Apollo Tyres opens digital innovation centre in Hyderabad

On full year basis, the company recorded a consolidated net profit of ₹1,105 crore in FY23, a growth of 73 per cent as compared with ₹639 crore in FY22. The revenue also grew by 22.5 per cent to ₹24,568 crore in the last financial year as compared with ₹20,947 crore in the previous financial year.

‘Good recovery’

“Our performance, in terms of topline and bottomline, is very much aligned with our internal targets. Under challenging demand scenario across geographies, both India and Europe operations have done well, and mostly ahead of the market,” Onkar Kanwar, Chairman, Apollo Tyres, said.

He said the company witnessed a good recovery in the commercial vehicle segment in India, too. “Company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs,” he added.

Shares of Apollo Tyres closed at ₹381.60 apiece on the BSE on Tuesday, up 1.42 per cent from the previous close.

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