Apollo Tyres Q4 Profit Down 14% to Rs 354 Cr, Revenue at Rs 6,258 Cr

New Delhi, May 14 (PTI) Apollo Tyres on Tuesday said its consolidated net profit declined 14 per cent to Rs 354 crore for the March 2024 quarter on account of higher expenses.

The company had reported a net profit of Rs 410 crore in the January-March quarter of last fiscal.

Revenue from operations closed at Rs 6,258 crore in the period under review compared with Rs 6,247 crore in the fourth quarter of 2022-23 fiscal, Apollo Tyres said in a statement.

For the year ended on March 31, 2024, the tyre maker reported a 65 per cent increase in net profit at Rs 1,722 crore as against Rs 1,046 crore in FY23.

Revenue from operations rose 3 per cent to close at Rs 25,378 crore in FY24 over Rs 24,568 crore a year ago.

"Our performance in the past fiscal reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share gains across product categories," Apollo Tyres Chairman Onkar Kanwar said.

Going forward too, the demand scenario is looking good for different product segments across the company's key geographies, he added.

"As per the Government's mandate, we have provisioned for the Extended Producer Responsibility (EPR), which has slightly impacted our profitability," Kanwar said.

The company stated that APMEA (Asia Pacific, Middle East, and Africa) President Satish Sharma has decided to seek early retirement from the company.

The board has accepted his resignation as Whole-time Director, it added.

The company said its board recommended a dividend payout of Rs 6 per share (600 per cent), on the face value of Re 1 each for FY24, subject to the approval of the shareholders at the forthcoming Annual General Meeting.

Shares of the company ended 0.89 per cent lower at Rs 474.15 apiece on the BSE.