New Delhi: Apollo Tires on Tuesday said its consolidated net profit declined 1 per cent to Rs 354 crore in the March 2024 quarter due to higher expenses.
The company had reported a net profit of Rs 410 crore in the January-March quarter of the last financial year.
Revenue from operations closed at Rs 6,258 crore in the period under review, compared to Rs 6,247 crore in the fourth quarter of FY 2022-23, Apoll Tires said in a statement.
For the year ending March 31, 2024, the tire maker reported a 65 per cent rise in net profit at Rs 1,722 crore as against Rs 1,046 crore in FY23.
Revenue from operations rose 3 per cent to Rs 25,378 crore in FY24 from Rs 24,568 crore a year ago.
Onka Kanwar, Chairman, Apollo Tyres, said, “Our performance in the last financial year reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share increasing across product categories. ,
Going forward, the demand outlook for various product segments across the company's key geographies looks good, he said.
“As per the government order, we have made provision for extended production responsibility (EPR), which has had little impact on our profitability,” Kanwa said.
The company said that APMEA (Asia Pacific, Middle East and Africa) President Satish Sharma has decided to take premature retirement from the company.
It said the board has accepted his resignation from the post of whole-time director.
The company said its board has recommended a dividend payout of Rs 6 per share (60 per cent) at face value of Re 1 for FY2014, subject to the approval of shareholders at the upcoming annual general meeting.
Shares of the company closed at Rs 474.15 on BSE, down 0.89 per cent.
The company had reported a net profit of Rs 410 crore in the January-March quarter of the last financial year.
Revenue from operations closed at Rs 6,258 crore in the period under review, compared to Rs 6,247 crore in the fourth quarter of FY 2022-23, Apoll Tires said in a statement.
For the year ending March 31, 2024, the tire maker reported a 65 per cent rise in net profit at Rs 1,722 crore as against Rs 1,046 crore in FY23.
Revenue from operations rose 3 per cent to Rs 25,378 crore in FY24 from Rs 24,568 crore a year ago.
Onka Kanwar, Chairman, Apollo Tyres, said, “Our performance in the last financial year reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share increasing across product categories. ,
Going forward, the demand outlook for various product segments across the company's key geographies looks good, he said.
“As per the government order, we have made provision for extended production responsibility (EPR), which has had little impact on our profitability,” Kanwa said.
The company said that APMEA (Asia Pacific, Middle East and Africa) President Satish Sharma has decided to take premature retirement from the company.
It said the board has accepted his resignation from the post of whole-time director.
The company said its board has recommended a dividend payout of Rs 6 per share (60 per cent) at face value of Re 1 for FY2014, subject to the approval of shareholders at the upcoming annual general meeting.
Shares of the company closed at Rs 474.15 on BSE, down 0.89 per cent.
