New Delhi: The Board of Directors of Apollo Tyres Ltd Tuesday approved the company’s audited financial results for the fourth quarter (January to March) and the financial year 2023 – 24. The Board recommended a dividend payout of INR 6 per equity share (600%), on face value of Re 1 each for FY24, subject to the approval of the shareholders at the forthcoming Annual General Meeting.
Consolidated revenues from operations across geographies for the full year FY24 grew 3% to close at INR 25,378 crores, whereas, for the 4th quarter, they were at INR 6,258 crores. Both Indian Operations and European Operations’ revenue grew in single digits for the full year and in the 4th quarter.
FY24 (April-March) vs. FY23: Revenue from operations was up 3% to close at INR 25,378 crore as against INR 24,568 crore in FY23. Operating profit was up 34% at INR 4,447 crore, as against INR 3,314 crore. Net profit was up 65% to close at INR1,722 crore, as against INR1,046 crore in the same period last fiscal
Q4 FY24 (January-March) vs. Q4 FY23: Revenue from operations closed at INR 6,258 crore, as against INR 6,247 crore in Q4 FY23. Operating profit reported was INR1,028 crore as against INR 998 crore. Net profit for Q4 closed at INR 354 crore, as against INR 410 crore in the same period last fiscal.
Onkar Kanwar, Chairman, Apollo Tyres Ltd, said, “Our performance in the past fiscal reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share gains across product categories. Going forward too, the demand scenario is looking good for different product segments across our key geographies. As per the Govt’s mandate, we have provisioned for the Extended Producer Responsibility (EPR), which has slightly impacted our profitability.”
At its meeting the Board noted the desire of Satish Sharma, President, APMEA (Asia Pacific, Middle East, and Africa) to seek early retirement from the company and accepted his consequent resignation as Wholetime Director from the Board. Onkar Kanwar said “Satish has been expressing his desire to step back from active corporate life and focus on his other interests. I, along with all at Apollo, wish to thank Satish for his 27 years of service and his significant contributions in building Apollo to its present position. We wish him the very best in his future endeavours.”
The Board approved the appointment of Gaurav Kumar, Chief Financial Officer of the company, as the Wholetime Director from June 1, 2024, subject to the approval of shareholders. Welcoming the nomination, Onkar Kanwar commented on Gaurav’s insightful abilities to bring the financial impact of decisions to the forefront and expressed confidence that his presence on the Board would further strengthen the financial lens of the Board on all strategic decisions.
Pallavi Shroff, Independent Director, stepped down from the Board on completion of her maximum two terms of service. In his vote of thanks Onkar Kawar noted her long association with the company and her wise counsel and advice on key matters over the years.
The Board also approved the nominations of Berjis Desai and Sumit Dayal to the Board of Directors with effect from August 6, 2024, subject to Shareholders approval at the forthcoming Annual General Meeting of the company. Desai retired as Senior Partner, J. Sagar Associates, one of India’s leading law firms, after 43 years.
