Apollo Tyres Q4 Results: Net profit jumps 4-folds to ₹427 crore, dividend declared

Apollo Tyres' Q4FY23 net profit jumped four-fold to ₹427 crore compared to ₹113 crore in the corresponding period last year. For the quarter ended March, the company's revenue from operations rose 12 per cent to ₹6,247 crore compared to ₹5,578.3 crore in the year-ago period.

The company's board has recommended a final dividend of ₹4 per share, and a special dividend of ₹0.50 on the occasion of the company’s 50th annual general meeting. For FY23, the Chennai-based tyre maker's total income came in at ₹6,264 crore, compared to ₹5,615 crore in the corresponding quarter last year.

The board has also approved the reappointment of Neeraj Kanwar as the managing director of the company for a period of 5 years, effective April 1, 2024.

Apollo Tyres' operating performance or EBITDA (earnings before interest, taxes, depreciation, and amortisation) came in ₹999 crore, registering a growth of 59 per cent, compared to ₹626 crore in the year-ago period. 

In terms of geography, the Asia Pacific/Middle East/Africa (APMEA) region witnessed a 10 per cent growth in sales to ₹4,433 crore. The Europe market registered a 9% per cent year-on-year growth to ₹1,839 crore.

“We have witnessed good recovery in the commercial vehicle segment in India. Company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs,'' said Onkar Kanwar, Chairman, Apollo Tyres.

On May 9, shares of Apollo Tyres settled 1,42 per cent higher at ₹381.60 apiece on the BSE.