Apollo Tyres maintains growth momentum

Apollo Tyres Ltd.’s consolidated revenues, across operations, for FY19 grew 18% to close at Rs. 17,273 crores. During the period, the company reported a net profit of Rs. 680 crores. Net sales for the fourth quarter witnessed a growth of 5% as compared to the previous fiscal to close at Rs. 4,176 crores. The net profit reported for the last quarter was Rs. 84 crores.

Mr. Onkar S. Kanwar, Chairman, Apollo Tyres

Both Indian and European operations continued with their growth momentum in the full year, registering double-digit revenue growth, led by a strong performance in the commercial vehicle segment, especially truck radials in India and the passenger vehicle category in Europe.

The Board of Directors has recommended a dividend payout of 325%, to be approved by the shareholders at the forthcoming annual general meeting later in the year.

On a consolidated level, the break-up of revenues across geographies are India 66%, Europe 30% and other geographies – 4%. Besides appointing Sachin Tendulkar as its Brand Ambassador. The company introduced during the year zero degree steel-belted motorcycle radial tyres, Apollo Alpha in India and started commercial production of truck tyres in its Hungarian facility.

The company also expanded its range of Apollo – Manchester United branded tyres to cover a wider range of vehicles, and with the introduction of two-wheeler tyres in Nepal, it became a full-range player in the Himalayan nation.

Commenting on the results, Mr. Onkar S. Kanwar, Chairman, Apollo Tyres Ltd., said: “Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as in the fourth quarter of FY19. In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up post the elections. European operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary.”