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Country’s leading tyres manufacturer, Apollo Tyres on Wednesday reported a consolidated net profit of ₹289 crore (excluding exceptional item) for the fourth quarter ended March 31, a multi-fold jump as compared to ₹78 crore in the corresponding period last year.
Revenue from operations also grew 39 per cent to close at ₹5,026 crore during the quarter as compared to ₹3,616 crore in January-March quarter last year.
Final dividend
The board of directors has recommended a final dividend of ₹3.50 per equity share of face value of ₹1 each (350 per cent) for financial year 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting, which would be paid/ dispatched on or before 30 days from the conclusion of AGM, the company said in a statement.
Also read: Apollo Tyres enters truck, bus tyre market in North America
“What started as an extremely challenging year, with lockdowns across geographies, ended on a very healthy note for us with robust revenue growth across market segments and geographies. Ensuring business continuity along with the safety of our employees have been of paramount importance throughout this pandemic, and considering the current situation, especially in India, we cannot let our guard down,” Onkar Kanwar, Chairman, Apollo Tyres, said.
The year ahead is full of challenges, with demand getting impacted due to the lockdowns, and pressure on margin front, due to the rising raw material prices, he added.
Full-year profit up
For the full FY2020-21 (April-March), the company reported a consolidated net profit (excluding exceptional item) of ₹958 crore, as compared to ₹476 crore in the previous year.
Revenue from operations was up six per cent to close at ₹17,397 crore during the year, as compared to ₹16,350 crore in FY2019-20.
Meanwhile, the company also said it was seeking shareholders approval in the ensuing AGM for — private placement of non-convertible debentures not exceeding ₹1,000 crore within overall borrowing limits of the company — and revision in remuneration of Satish Sharma, the whole-time Director.
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