Apollo Tyres net profit crashes 60.6% to INR 113 crore, Auto News, ET Auto
New Delhi:Apollo Tyres on Thursday said its consolidated net profit dipped 60.6% to INR 113 crore in the fourth quarter ended March 31, 2022. The company had posted a consolidated net profit of INR 287 crore, the company said in a release.
Its revenue from operations, however, increased 11% to INR 5,578 crore as against INR5,026 crore in the Q4 of FY22, Apollo Tyres said in a release.
According to Onkar Kanwar, Chairman, Apollo Tyres the unprecedented rise in input costs in FY22, have taken a toll on the company’s margins, despite our internal cost control measures, and multiple rounds of price corrections undertaken in different product categories.
“The robust demand witnessed by our European Operations, especially in the fourth quarter, and the healthy growth in exports out of India, contributed to the increase in our consolidated revenues. The silver lining for us, is the recent uptick in demand in India, especially in the CV segment,” Kanwar added.
For the quarter under review, the company’s operating profit was INR 626 crore, as against INR 815 crore.
In the financial year 2021-2022, company’s revenue from operations was up 20% to close at INR 20,948 crore, as against Rs 17,397 crore in FY21. Company’s operating profit was INR 2,574 crore.