Apollo Tyres declined 1.72% to Rs 466 after the company's consolidated net profit fell 13.7% to Rs 354.08 crore in Q4 FY24 as against Rs 410.3 crore recorded in Q4 FY23.
However, revenue from operations rose marginally to Rs 6,258.20 crore in Q4 FY24 as compared to Rs 6,247.33 crore posted in Q4 FY23.
Profit before exceptional items and tax stood at Rs 599.8 crore in Q4 FY24, up 19.01% from Rs 503.98 crore posted in the corresponding quarter previous year. Exceptional items were at Rs 36.8 crore during the quarter.
Operating profit was at Rs 1,028 crore in the March quarter, up 3.01% as against Rs 998 crore posted in the same period a year ago.
During the quarter, the companys revenue from Asia Pacific, Middle East and Africa (APMEA) was at Rs 4,467.11 crore (up 0.78% YoY) and revenue from Europe stood at Rs 1,864.10 crore (up 1.34% YoY).
On full year basis, the companys consolidated net profit surged 64.64% to Rs 1,721.87 crore on 3.3% increase in revenue to Rs 25,377.72 crore in FY24 over FY23.
Onkar Kanwar, Chairman, Apollo Tyres said Our performance in the past fiscal reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share gains across product categories. Going forward too, the demand scenario is looking good for different product segments across our key geographies. As per the Govts mandate, we have provisioned for the Extended Producer Responsibility (EPR), which has slightly impacted our profitability.
Meanwhile, the company's board has recommended a dividend of Rs 6 per equity share for FY24, which will be paid/ dispatched on or before 30 days from the conclusion of the AGM.
Further, the board has approved the appointment of Gaurav Kumar, chief financial officer of the company, as the whole-time director from 1 June 2024, subject to the approval of shareholders.
Apollo Tyres principal business activity is manufacturing and sale of automotive tyres.
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