Q4 Result : Apollo Tyres Witnesses Drop Of 60 Percent In Consolidated Net Profit

Published On 13-May-2022By TyreDekho Team

Although the operations registered a growth of 11 per cent to 5,578 crore.

Q4 Result : Apollo Tyres Witnesses Drop Of 60 Percent In Consolidated Net Profit

In one of its statements issued recently, Apollo Tyres revealed that its consolidated net profit got reduced by 60 per cent to Rs 113 crore in the fourth quarter of the last financial year, the FY 2021-22. Before this, the consolidated net profit of the company stood at Rs 287 crore, which was revealed by Apollo Tyres in one of its press releases.

While the consolidated net profits did take a hit in the last quarter of the previous financial year, the tyre maker witnessed a growth in its revenue from operations. Compared to the revenue of Rs 5,026 crore in the fourth quarter of FY 2021-22, Apollo Tyres’ revenue has risen by 11 per cent to Rs 5,578 crore.

On these results, Onkar Kanwar, Chairman, Apollo Tyres, commented that the sudden increase in the input costs during FY 2021-22 was one of the chief reasons behind the drop in consolidated net profits towards the end of the year. Kanwar added that despite the company’s measures to control the internal costs and multiple price corrections to keep the momentum going in different categories, it witnessed this drop in margins.

Commenting on the growth of revenue, Kanwar said that the chief reasons behind the increase in revenue are the strong demand generated by European operations in the fourth quarter of FY 2021-22 and the increase in the export volumes from India. In addition to this, the company also witnessed a spike in demand in the commercial vehicle segment in recent weeks.

Compared to FY 2020-21, the overall revenue of Apollo Tyres witnessed a growth of around 20 per cent. While the company generated Rs 17,397 crore of revenue during FY 2020-21, it generated total revenue of Rs 20,948 crore in FY 2021-22. With this, the operating profit of Apollo Tyres’ was Rs 2,574 crore.

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