Apollo Tyres reports four-fold increase in net profit at Rs 289 crore in Q4

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New Delhi: Apollo Tyres on Wednesday posted a close to a four-fold increase in its consolidated net profit at Rs 289 crore for the fourth quarter ended March 31, 2021, riding on the back of robust sales across domestic and international markets.

The company had reported a consolidated net profit of Rs 78 crore in the January-March quarter of 2019-20. Revenue from operations rose by 39% to Rs 5,026 crore, as compared with Rs 3,616 crore in the year-ago period, Apollo Tyres said in a statement.

For 2020-21 fiscal, the tyre major reported a net profit of Rs 958 crore, a two-fold increase, as compared with Rs 476 crore in 2019-20.

Revenue (from Operations) rose by 6% to Rs 17,397 crore, as compared with Rs 16,350 crore in the 2019-20 financial year.

“What started as an extremely challenging year, with lockdowns across geographies, ended on a very healthy note for us with robust revenue growth across market segments and geographies,” Apollo Tyres Chairman Onkar Kanwar said.

Ensuring business continuity along with the safety of employees has been of paramount importance throughout this pandemic, and considering the current situation, especially in India, nobody can let the guard down, he added.

Onkar noted that the year ahead is full of challenges, with demand getting impacted due to the lockdowns, and pressure on the margin front, due to the rising raw material prices.

The company’s board has recommended a dividend payout of 350%, to be approved by the shareholders at the forthcoming annual general meeting, later in the year.