Apollo Tyres’ financial results for Q4 (January to March) and the financial year 2016-17, have shown that consolidated annual revenues across operations grew 11% to close at Rs 130.6bn (or Rs 13063 crores). During the same period the company saw a net profit of Rs 11bn (Rs 1099 crores).
Net sales for Q4 witnessed a growth of 10% when compared with the same quarter last fiscal, to close at Rs 32.7bn (Rs 3269 crores); net profit reported for Q4 was Rs 2.3bn (Rs 228 crores).
Onkar S Kanwar, chairman, Apollo Tyres, said, “All our key operations have done well, despite the challenges in the last fiscal. Raw material prices, which have increased sharply quarter-on-quarter, continue to pose a challenge for us, and have impacted our margins.
“There has been a healthy volume growth in the passenger vehicle segment across geographies in the past fiscal, however, the truck radial segment in India, while it grew in Q4, has been impacted by the dumping of low cost tires, especially from China, throughout the year.”