Apollo Tyres Q4 net profit falls 14% to Rs 354 crore; revenue at Rs 6,258 crore


NEW DELHI: Apollo Tyres on Tuesday stated its consolidated net profit declined 14 per cent to Rs 354 crore for the March 2024 quarter on account of upper bills. The firm had reported a net profit of Rs 410 crore within the January-March quarter of final fiscal.
Revenue from operations closed at Rs 6,258 crore within the interval beneath evaluate in contrast with Rs 6,247 crore within the fourth quarter of 2022-23 fiscal, Apollo Tyres stated in an announcement.
For the yr ended on March 31, 2024, the tyre maker reported a 65 per cent improve in net profit at Rs 1,722 crore as towards Rs 1,046 crore in FY23.
Revenue from operations rose 3 per cent to shut at Rs 25,378 crore in FY24 over Rs 24,568 crore a yr in the past.
“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,” Apollo Tyres Chairman Onkar Kanwar stated.
Going ahead too, the demand situation is trying good for various product segments throughout the corporate’s key geographies, he added.
“As per the Government’s mandate, we have provisioned for the Extended Producer Responsibility (EPR), which has slightly impacted our profitability,” Kanwar stated.
The firm acknowledged that APMEA (Asia Pacific, Middle East, and Africa) President Satish Sharma has determined to search early retirement from the corporate.
The board has accepted his resignation as Whole-time Director, it added.
The firm stated its board advisable a dividend payout of Rs 6 per share (600 per cent), on the face worth of Re 1 every for FY24, topic to the approval of the shareholders at the forthcoming Annual General Meeting.
Shares of the corporate ended 0.89 per cent decrease at Rs 474.15 apiece on the BSE.

Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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