PTI – Revenue from operations rose to INR 6,247 crore in the fourth quarter as compared with INR 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 INR 1,105 crore as against INR 639 crore in the fourth quarter of FY22.
Apollo Tyres on Tuesday said its consolidated net profit surged over three-fold to INR 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 INR 113 crore in the January-March quarter of 2021-22 fiscal.
Revenue from operations rose to INR 6,247 crore in the fourth quarter as compared with INR 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 INR 1,105 crore as against INR 639 crore in the fourth quarter of FY22.
Revenue from operations rose to INR 24,568 crore in FY23 as against INR 20,948 crore in FY22.
“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,” Apollo Tyres Chairman Onkar Kanwar noted.
The company has witnessed a good recovery in the commercial vehicle segment in India, he added.
“The company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs,” Kanwar noted.
The company said its board has recommended a dividend payout of INR 4 per share, and a special dividend of INR 0.50 per equity share, aggregating to INR 4.50 (450 per cent), on face value of INR 1 each for FY23.
Shares of the company ended 1.42 per cent up at INR 381.60 apiece on the BSE.
