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9:17 am - Friday May 26, 2017

Apollo tyres increases net sales by 11 pc

Agencies, Kochi

Apollo Tyres, a major tyre manufacture company in the country has succeeded in increasing their net sales by 11 per cent year-on-year. Announcing the audited financial results for the fourth quarter (January to March), the Board of Directors had also recommended a dividend of 300 per cent, a release said here today.

The Operating closed at Rs 20 billion and the net profit stood at Rs 11 billion for the fiscal, it added. The Board of Directors of Apollo Tyres Ltd has approved the company’s audited financial results for the 4th quarter (January to March) and the financial year 2016-17 recommended a dividend pay-out of 300 per cent, to be approved by the shareholders at the forthcoming Annual General Meeting later in the year, the release said.

Consolidated annual revenues, across operations grew 11 per cent to close at Rs 130.6 billion (or Rs 13,063 crore). During the same period the company reported a net profit of Rs 11 billion (Rs 1099 crore). Net sales for the fourth quarter witnessed a growth of 10 per cent, as compared to the same quarter last fiscal, to close at Rs 32.7 billion (Rs 3269 crore); net profit reported for Q4 was Rs 2.3 billion (Rs 228 crore), it said. Consolidated Annual Performance Highlights FY2016-17 (April-March) vs FY2015-16 Net sales grew 11 per cent to close at Rs 130.6 billion from Rs 117.4 billion, the release added.

Commenting on the results Appollo Tyres Ltd Chairman Onkar S Kanwar 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, while it has grown in the 4th quarter, has been impacted by the dumping of low cost tyres, especially from China, through the year.” “With tyres rolling out from our Hungarian Greenfield, and also from the expanded truck-bus radial facility in Chennai, we are looking forward to a good volume growth in the current fiscal, in addition to a gradual increase in our market share in Europe over the next few years,’’ he added.

Posted in: Business

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