Apollo Tyre reports revenue up 17 percent for FY23

Gurgaon, India – The Board of Directors of Apollo Tyres approved the company’s audited financial results for the fourth quarter (Jan to Mar) and the financial year 2022 – 23. The Board recommended a dividend payout of Rs 4.00 per equity share, and a special dividend of Rs 0.50 per equity share, aggregating to Rs 4.50 (450%), on face value of Re 1 each for FY23, subject to the approval of the shareholders at the forthcoming Annual General Meeting.

Consolidated revenues from operations across geographies for the fourth quarter grew 12% to close at Rs 6247 crores, where as, for the full year of FY23, it grew more than 17% to close at Rs 24,568 crores. Both Indian Operations and European Operations’ revenue grew 9% each, in the 4th quarter; for the full year they grew 18% and 11% respectively (in INR terms).

Quarterly Consolidated Performance Highlights – Q4 FY2022-23 (January-March) vs Q4 FY2021-22
Revenue from operations was up 12% to close at Rs 6,247 crores, as against Rs 5,578 crores in Q4 FY22
Operating profit reported was Rs 998 crores, as against Rs 626 crores
Net profit for Q4 closed at Rs 427 crores, as against Rs 113 crores in the same period last fiscal

Full Year Consolidated Performance Highlights – FY 2022-23 (April-March) vs FY 2021-22
Revenue from operations was up 17% to close at Rs 24,568 crores, as against Rs 20,948 crores in FY22
Operating profit reported was Rs 3,314 crores, as against Rs 2,574 crores
Net profit was up 73% to close at Rs 1105 crores, as against Rs 639 crores in the same period last fiscal

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “Our performance, in terms of topline and bottomline, is very much aligned with our internal targets. Under challenging demand scenario across geographies, both India and Europe Operations have done well, and mostly ahead of the market. 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.”