Apollo Tyres announces fourth quarter revenue increase of 39 percent

Gurgaon, India – The board of directors of Apollo Tyres Ltd. approved the company’s audited financial results for the fourth quarter (January to March) and the financial year 2020-21. The board recommended a dividend payout of 350 percent, to be approved by the shareholders at the forthcoming Annual General Meeting later in the year.

Consolidated revenues from operations across geographies for the fourth quarter grew 39 percent to close at Rs 5,026 crores, whereas for the full year of fiscal year 2021, it grew 6 percent to close at Rs 17,397 crores. Operating profit (EBITDA excluding other income) was up 70 percent in the fourth quarter, while for the full year it was up 44 percent.

Revenue (from operations) grew 39 percent to close at Rs 5,026 crores, as compared to Rs 3,616 crores; operating profit (excluding other income) reported was Rs 815 crores, as against Rs 480 crores; net profit for the quarter (excluding exceptional item) closed at Rs 289 crores, as compared to Rs 78 crores.

Indian operations continued with its robust performance in all segments of the market and reported an increase of 49 percent in its fourth quarter revenue (from operations) to close at Rs 3,630 crores, where as for the full year, it grew 6 percent to close at Rs 11,733 crores. Similarly, European operations’ revenue, including Reifen, was up 20 percent in the fourth quarter to close at Rs 1,404 crores, whereas for the full year it increased 8 percent to close at Rs 5,675 crores.

Commenting on the results, Onkar Kanwar, chairman, Apollo Tyres Ltd., said, “What started as an extremely challenging year, with lockdowns across geographies, ended on a very healthy note for us with robust revenue growth across market segments and geographies. Ensuring business continuity along with the safety of our employees has been of paramount importance throughout this pandemic; and considering the current situation, especially in India, we cannot let our guard down. The year ahead is full of challenges, with demand getting impacted due to the lockdowns, and pressure on the margin front due to rising raw material prices.”