Apollo Tyres reports a net profit of Rs 978 crore

Tuesday, May 12, 2015,20:11 IST By metrovaartha A A A

Kochi | Apollo Tyres, a leading tyre manufacturing company in the country has registered a net profift Rs 978 crore (9.8 billion) for year 2015, as against Rs 10 billion earned in the previous year.
”Consolidated annual revenues, across operations closed at Rs 127 billion (or Rs 12726 crores). During the same period the company reported a net profit of Rs 9.8 billion (Rs 978 crores). Net sales of the company for the fourth quarter closed at 31 billion (Rs 3098 crores); net profit for Q4 grew 9 per cent to reach Rs 3.1 billion (Rs 307 crore),” Apollo Tyres Ltd Chairman Onkar S Kanwar  said in a release here today.
The Board of Directors of Apollo Tyres Ltd today approved the companys audited financial results for the fourth quarter (January to March) and the financial year 2014-15 and it had also recommended a dividend payout of 200 per cent, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year, it said.
The net sales stood at Rs 127 billion, while the operating profit grew by seven per cent to Rs 5.1 billin from Rs 4.8 billion.
Net profit grew by nine per cent to Rs 3.1 billion from Rs 2.8 billion in the same quarter the previous year, he added.
Commenting on the results, Mr Onkar  said, despite a healthy volume growth in the passenger car tyre segment in Europe, and nearly 30 per cent volume growth in the truck-bus radial segment in India, our topline has not grown, primarily due to the South African operations, and also because of the depreciation of Euro. Having said that, our effort towards faster market expansion outside India, has resulted in a strong growth of more than 20 per cent0 in exports out of India.
Regarding its foreign operations, Mr Onkar said the partnership with Manchester United was expanded to 69  countries globally and Go The Distance pitch inaugurated at Old Trafford, UK.
Besides, it,   Apollo Alnac 4G, All Season and Winter, tyres were introduced for the European market at
Reifen Essen and the company was also introduced its passenger vehicle and commercial vehicle tyres into two new countries in the Middle East region, Oman and Lebanon.
Special edition dual branded,  Apollo and Manchester United, tyres were introduced in Thailand, he said.