Apollo Tyres Ltd reported 18% rise in net sales to close at Rs 171.73 billion for the full year of FY19. During the same period, the company reported a net profit of Rs 6.80 billion. Operating profit closed at Rs 20.82 billion, registering a growth of 18%.
Net sales for the fourth quarter (January-March 2019) witnessed a growth of 5%, as compared to the last fiscal, to close at Rs 41.76 billion. Net profit reported for the quarter was Rs 840 million and operating profit closed at Rs 4.73 billion.
On a consolidated level the break-up of revenues across geographies are: India – 66%; Europe – 30% and Other Geographies – 4%.
The Board of Directors recommended a dividend payout of 325%, to be approved by the shareholders at the forthcoming Annual General Meeting.
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said: “Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as, in the fourth quarter of FY19. The bottom line has been impacted, especially in Q4, due to the write-off for ILFS, and the raw material prices, as a basket, going up by nearly 10% (in Q4). In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up post the elections; European Operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary.”