The Board of Directors of Apollo Tyres Ltd today approved the company’s audited financial results for the 4th quarter (January to March) and the financial year 2013-14. The Board recommended a dividend payout of 75%, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.
Consolidated annual revenues, across operations in Asia, Africa and Europe, increased 4% to reach Rs 133 billion (or Rs 13310 crores). During the same period the net profit for the company surged 64% to reach Rs 10 billion (Rs 1000 crores). Net sales of the company for the 4th quarter grew 6% to close at 32.1 billion (Rs 3212 crores).
Consolidated Annual Performance Highlights
FY2013-14 (April-March) vs FY2012-13
· Net sales grew 4% to Rs 133 billion from Rs 127.9 billion
· Operating profit increased 27% to reach Rs 19.7 billion from Rs 15.5 billion
· Net profit surged 64% to Rs 10 billion from Rs 6.1 billion in the previous year
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “Last year, we saw the consolidation of our two brands — Apollo and Vredestein, and their entry into newer markets. All this, along with better product and customer mix across geographies has helped us report incremental revenues. Recovery in the commercial vehicle segment in India in the new fiscal, after witnessing negative growth in the past year, will have a positive impact going forward. Car sales in Europe have also risen continuously for the last 3 quarters, which is again a positive for us.”