The top tier management of Apollo Tyres approved the company’s audited financial results for the 4th quarter (January to March) and the financial year 2015-16. The board recommended a dividend payout of 200%, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.
Consolidated annual revenues, across operations closed at Rs 117 billion (Rs. 11708 crores). During the same period the company reported a net profit of Rs 10.9 billion (Rs. 1093 crores). Net sales of the company for the 4th quarter closed at 30 billion (Rs. 2966 crores); net profit reported for Q4 was Rs 2.45 billion (Rs. 245 crores).
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres, said, “Our revenue in India, in the past financial year, has largely been impacted by the Chinese imports. The imported truck-bus radials, especially from China, occupied close to 30% of the Indian replacement market for radial truck tyres, which not only impacted the domestic truck-bus radials, but also the truck-bus bias segment. With India having no anti-dumping duties, in the past fiscal on Chinese tyres, and numerous other geographies having imposed anti dumping duties on Chinese tyres, India has opened its market for low cost tyre imports from China, thereby putting at risk the huge investments made by the domestic tyre majors.”
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