Apollo Tyres Q4 Net Plunges 7 Percent At Rs 78 Cr
Published On 20-May-2020 19:23:45
Net sales closed at Rs 3551 crores, as compared to Rs 4176 crores in the previous fiscal
Apollo Tyres Ltd has reported a decline of 7.2 percent year-on-year decline in consolidated net profit at Rs 77.8 crore for the quarter ending March 31. The company reported a net profit of ₹83.99 crore in the corresponding period last fiscal.
According to the company, net sales in the quarter under review stood at Rs 3,551 crore, down by 15 per cent compared to Rs 4,176 crore reported in the corresponding quarter of the previous financial year.
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said, “Along with the demand in the replacement market, we saw some improvement in demand from OEs as well in the fourth quarter, before the widespread disruption caused by COVID-19 put us all in an uncharted territory.
“Our teams across geographies have shown great resilience and adaptability in this difficult situation; various actions have been taken at our Operations around the world to protect our people and to ensure Business Continuity under these circumstances. With lockdowns easing, the demand has started picking up gradually across product and market segments, giving us some relief.”
Auto manufacturer and component supplier closed their factories from 22 March, following the lockdown announced by the central and state government to curb the spread of Covid-19 pandemic. Apollo Tyre also had to shut its plant in India and other countries, due to the pandemic.
The operating profit remained at Rs 473 crore due to the reduction in raw material cost as the company resorted to production cuts during this period to keep the supply-demand mismatch in check.