Apollo Tyres net sales up 11%
Apollo Tyres consolidated annual revenues, across operations grew 11% to close at Rs 130.6 billion (or Rs 13063 crores) during the fourth quarter (January-March) and financial year 2016-2017. During the same period the company reported a net profit of Rs 11 billion (Rs 1099 crores).
Net sales for the 4th quarter witnessed a growth of 10%, as compared to the same quarter last fiscal, to close at Rs 32.7 billion (Rs3269 crores); net profit reported for Q4 was Rs 2.3 billion (Rs 228 crores).
The Board has recommended a dividend payout of 300%, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “All our key operations have done well, despite the challenges in the last fiscal. Raw material prices, which have increased sharply quarter-on-quarter, continue to pose challenges for us, and have impacted our margins. There has been a healthy volume
growth in the passenger vehicle segment across geographies in the past fiscal; however, the truck radial segment in India, while it has grown in the 4th quarter, has been impacted by the dumping of low cost tyres, especially from China, through the year.”
Added Onkar S Kanwar: “With tyres rolling out from our Hungarian Greenfield, and
also from the expanded truck-bus radial facility in Chennai, we are looking forward to a good volume growth in the current fiscal, in addition to a gradual increase in our market share in Europe over the next few years.”