Apollo Tyres on Thursday has reported a consolidated net profit of ₹113 crore for the fourth quarter ended March, a year-on-year (y-o-y) decline of 60 per cent as compared with ₹287 crore in the corresponding period last year.
However, revenue from operations of the company grew by 11 per cent y-o-y to ₹5,578 crore during the quarter as against ₹5,025 crore in January-March quarter last year.
The Board of the company meanwhile, recommended a dividend payout of ₹3.25 per equity share (325 per cent), to be approved by the shareholders at the forthcoming annual general meeting.
“The unprecedented rise in input costs in fiscal year 2021-22, have taken a toll on our margins, despite our internal cost control measures, and multiple rounds of price corrections undertaken in different product categories,” Onkar Kanwar, Chairman, Apollo Tyres, said. He said the robust demand witnessed by its European operations, especially in the fourth quarter, and the healthy growth in exports out of India, contributed to the increase in the consolidated revenues.
“The silver lining for us, is the recent up-tick in demand in India, especially in the commercial vehicle segment,” he added.
For the full financial year, the net profit increased by 82 per cent at ₹639 crore, as against ₹350 crore in the last fiscal. Revenue from operations was also up 20 per cent at ₹20,948 crore, as against ₹17,397 crore in the previous financial year.