Apollo Tyres Ltd.’s consolidated revenues, across operations, for the fourth quarter of the financial year 2017-18 grew 22% to close at Rs. 3,982 crores. During the same period, the company reported a net profit of Rs. 250 crores, which was up 10% as compared to the same period last fiscal. Net sales for the full year witnessed a growth of 12%, to close at Rs. 14,674 crores. Net profit reported for the full year of FY18 was Rs. 724 crores.
Both Indian and European operations continued with their growth momentum and registered a revenue growth of 20% in the last quarter of 2017-18, led by a strong performance in the commercial vehicle segment, especially truck radials, in India, and the passenger vehicle category in Europe.
Commenting on the results, Mr. Onkar S. Kanwar, Chairman, Apollo Tyres Ltd., said: “This is an impressive performance by the company, with each of the key operations witnessing a healthy volume growth across product segments. Shortage of a key raw material and the increasing cost of crude-based raw materials did pose challenges for us. The raw material prices, as a basket, went up by more than 10% in the past fiscal. This cost push is likely to continue going forward as well, putting pressure on our margins. On the positive side, considering our capacity expansion in India and Europe, we are looking forward to a healthy growth in our topline.”
