Apollo Tyres Q4 profit drops 61% to Rs 113 cr; revenue rises 11%

Apollo Tyres on Thursday said its consolidated net profit has declined by 61 per cent to Rs 113 crore for the fourth quarter ended March.

The company had reported a consolidated net profit of Rs 287 crore in the January-March quarter of 2020-21 fiscal.

Revenue from operations rose by 11 per cent to Rs 5,578 crore, as against Rs 5,026 crore in the fourth quarter of FY21, Apollo Tyres said in a statement.

For the year ended March 31, 2022, the tyre major said its net profit increased by 82 per cent to Rs 639 crore, as compared to Rs 350 crore in 2020-21.

 

Revenue from operations rose by 20 per cent to Rs 20,948 crore, as against Rs 17,397 crores in FY21, the company said.

"The unprecedented rise in input costs in FY22, have taken a toll on our margins, despite our internal cost control measures, and multiple rounds of price corrections undertaken in different product categories," Apollo Tyres Chairman Onkar Kanwar noted.

The robust demand witnessed by the company's European operations, especially in the fourth quarter, and the healthy growth in exports out of India, contributed to the increase in consolidated revenues, he added.

"The silver lining for us, is the recent uptick in demand in India, especially in the CV segment," Kanwar stated.

The company said its board has recommended a dividend payout of Rs 3.25 per share (325 per cent), to be approved by the shareholders at the forthcoming annual general meeting.