The Board of Directors of Apollo Tyres Ltd today approved the company’s audited financial results for the 4th quarter (January to March) and the financial year 2017-18. The Board recommended a dividend payout of 300%, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.
Consolidated revenues, across operations, for the Quarter 4 of FY18 grew 22% to close at Rs 3982 crores. During the same period the company reported a net profit of Rs 250 crores, which was up 10% as compared to same period last fiscal. Net sales for the full year witnessed a growth of 12%, as compared to the last fiscal, to close at Rs 14674 crores; net profit reported for the full year of FY18 was Rs 724 crores. Quarter 4 Consolidated Performance Highlights Q4 FY2017-18 (January-March) vs. Q4 FY2016-17
- Net sales grew 22% to reach Rs 3982 crores as against Rs 3269 crores
- Operating profit was up 33% at Rs 559 crores as against Rs 420 crores
- Net profit reported grew 10% to close at Rs 250 crores for the quarter as against Rs 228 crores
Both, Indian and European Operations, continued with their growth momentum and registered a revenue growth upwards of 20% 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. Consolidated Annual Performance Highlights FY2017-18 (April-March) vs FY2016-17
- Net sales grew 12% to close at Rs 14674 crores from Rs 13063 crores ·
- Operating profit closed at Rs 1768 crores ·
- Net profit stood at Rs 724 crores for the fiscal
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “This is an impressive performance by the company, with each of the key operations witnessing a healthy volume growth across product segments. 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 topline.”
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