Apollo Tyres on Tuesday said its consolidated net profit surged over three-fold to Rs 427 crore in the March quarter, riding on easing of raw material cost and better cost efficiencies. The company had reported a net profit of Rs 113 crore in the January-March quarter of 2021-22 fiscal.
Revenue from operations rose to Rs 6,247 crore in the fourth quarter as compared with Rs 5,578 crore in the year-ago period, Apollo Tyres said in a statement. For the year ended Match 31, 2023, the tyre maker posted a consolidated net profit of Rs 1,105 crore as against Rs 639 crore in the fourth quarter of FY22. Revenue from operations rose to Rs 24,568 crore in FY23 as against Rs 20,948 crore in FY22.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “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. We have witnessed good recovery in the commercial vehicle segment in India. Company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs.”
The company said its board has recommended a dividend payout of Rs 4 per share, and a special dividend of Rs 0.50 per equity share, aggregating to Rs 4.50 (450 per cent), on face value of Re 1 each for FY23.
