The Board of Directors of Apollo Tyres approved the company’s unaudited results for the first quarter of the financial year 2016-17. Earlier in the day, at the 43rd Annual General Meeting, shareholders approved the annual dividend payout of 200% per share (INR 2.00 per equity share), for the year ended March 31, 2016.
For the quarter ended June 30, 2016, Apollo Tyres, on a consolidated level, reported a profit of INR 315 crores on the net sales of INR 3,285 crores. While Indian Operations’ clocked a revenue growth of 6% in the first quarter of the current fiscal, as compared to the same period last fiscal, European Operations’ revenue grew 10%. Some of the new products introduced in the Indian market, including the newly launched two-wheeler tyres, have seen good demand, especially in the replacement market. Similarly, the European Operations reported increased sales of passenger vehicle tyres.
Quarter 1 Consolidated Performance Highlights
Q1 FY2016-17 (April – June) vs Q1 FY2015-16
- Net sales increased 16% to Rs 32.85 billion (INR 3285 crore) from Rs 28.32 billion (INR 2832 crore)
- Operating profit was at Rs 5.66 billion (INR 566 crore) an increase of 8%, from Rs 5.23 billion (INR 523 crore)
- Net profit grew 11% to Rs 3.15 billion (INR 315 crore) from Rs 2.84 billion (INR 284 crore)
Cross Currency Reference Chart for Key Financials:
| Q1 FY2016-17 |
INR Billion
|
US$ Million
|
Euro Million
|
| Net Sales | 32.85 | 490.10 | 434.91 |
| Operating Profit | 5.66 | 84.42 | 74.91 |
| Net Profit | 3.15 | 46.95 | 41.67 |