Apollo Tyres reported 11% growth in net sales to Rs 130.6 billion in the year 2016-17(April-March) from Rs 117.4 billion in the same period of the previous year. Net profit stood at Rs 11 billion for the fiscal while operating profit closed at Rs 20 billion.
For the fourth quarter(January-March), Apollo’s net sales grew 10% to reach Rs 32.7 billion as against Rs 30 billion in the year-ago period.
Net profit stood at Rs 2.3 billion while operating profit closed at Rs 4.2 billion.
On a consolidated level, this is the break-up of revenues across geographies: India – 63%; Europe – 32% and Other Geographies – 5%.
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said: “All our key operations have done well, despite the challenges in the last fiscal. Raw material prices, which have increased sharply quarter-on-quarter, continue to pose challenges for us, and have impacted our margins. There has been a healthy volume growth in the passenger vehicle segment across geographies in the past fiscal, however the truck radial segment in India has been impacted by the dumping of low cost tyres, especially from China, through the year.”