Apollo Tyres net sales up 12% in FY18
Apollo Tyres Net sales grew 12 percent to Rs 146.74 billion from Rs 130.63 billion in the 2017-18 financial year. The company has recommended a dividend of 300 percent for the year. Consolidated revenues, across operations, for the January-March, 2018, fourth quarter grew 22 percent to close at Rs 39.82 billion. The net profit in Q4 was Rs 2.50 billion, up 10 percent as compared to same period in 2016-17.
Both, Indian and European Operations, continued with their growth momentum and registered a revenue growth upwards of 20 percent in the last quarter of the financial year 2017-18, led by a strong performance in the commercial vehicle segment, especially truck radials, in India, and passenger vehicle category in Europe, Apollo Tyres said.
“Shortage of a key raw material and the increasing cost of crude-based raw materials did pose challenges for us. The raw material prices, as a basket, went up by more than 10% in the past fiscal. This cost push is likely to continue going forward as well, putting pressure on our margins. On the positive side, considering our capacity expansions in India and Europe, we are looking forward to a healthy growth in our top line,” said Onkar S Kanwar, Chairman, Apollo Tyres.