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Apollo Tyres net sales up 18% in FY 19, announces 325% dividend

Apollo Tyres net sales up 18% in FY 19, announces 325% dividend

Apollo Tyres has released the results for 2018-19 financial year. Net sales grew 18 percent to close at Rs 17273 crores from Rs 14674 crores a year ago. Operating profit closed at Rs 2082 crore, up18 percent and net profit stood at Rs 680 crore for the fiscal (Rs 200 crore written off on account of ILFS). The Board has recommended a dividend payout of 325 percent, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.

Net sales for the fourth quarter (January-March 2019) witnessed a growth of five percent, as compared to the last fiscal, to close at Rs 4176 crore. Net profit for the last quarter of FY19 was Rs 84 crore (Rs 100 crores written off on account of ILFS).

“Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as, in the fourth quarter of FY19. The bottom line has been impacted, especially in Q4, due to the write-off for ILFS, and the raw material prices, like a basket, going up by nearly 10 percent (in Q4). In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up post the elections; European Operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary,” said Onkar S Kanwar, Chairman, Apollo Tyres.

Both, Indian and European Operations, continued with their growth momentum in the full year, registering double-digit revenue growth, led by a strong performance in the commercial vehicle segment, especially truck radials, in India, and the passenger vehicle category in Europe, Apollo Tyres said.

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