Apollo Tyres Ltd has announced a remarkable 65% increase in net profit for the financial year 2023-24 (FY24), reflecting the company’s strategic focus on profitable growth. The Board of Directors approved the audited financial results for the fourth quarter and the full year, highlighting robust performance across key geographies.
FY24 Financial Highlights
Revenue Growth: Consolidated revenues from operations increased by 3%, reaching ₹25,378 crore, up from ₹24,568 crore in FY23.
Operating Profit: Operating profit surged by 34% to ₹4,447 crore, compared to ₹3,314 crore in the previous fiscal year.
Net Profit: Net profit soared to ₹1,722 crore, marking a 65% rise from ₹1,046 crore in FY23.
Q4 Performance
Revenue: For the fourth quarter, revenue from operations was ₹6,258 crore, slightly higher than ₹6,247 crore in Q4 FY23.
Operating Profit: The quarter’s operating profit stood at ₹1,028 crore, up from ₹998 crore in the same period last year.
Net Profit: Q4 net profit was ₹354 crore, a decrease from ₹410 crore in Q4 FY23.
Dividend Announcement
The Board recommended a dividend payout of ₹6.00 per equity share (600%), subject to shareholder approval at the upcoming Annual General Meeting.
Onkar Kanwar, Chairman of Apollo Tyres, praised the company’s strategic execution, particularly in Europe, where the firm achieved market share gains across various product categories. He expressed optimism about future demand across key geographies and noted the impact of the government’s Extended Producer Responsibility (EPR) mandate on profitability.
Key Personnel Changes
Satish Sharma’s Retirement: Satish Sharma, President of APMEA (Asia Pacific, Middle East, and Africa), will retire early and resign as Wholetime Director. Onkar Kanwar thanked Sharma for his 27 years of service and significant contributions.
Gaurav Kumar’s Appointment: Gaurav Kumar, Chief Financial Officer, will be appointed as Wholetime Director from June 1, 2024, pending shareholder approval. Kanwar expressed confidence in Kumar’s financial acumen and its benefit to the Board.
Pallavi Shroff’s Departure: Independent Director Pallavi Shroff stepped down after completing her maximum term. Kanwar acknowledged her valuable advice and long association with the company.
New Board Nominations: The Board approved the nominations of Berjis Desai and Sumit Dayal, effective August 6, 2024, subject to shareholder approval. Desai, a retired Senior Partner at J. Sagar Associates, and Dayal, a former Global Head of Corporate Finance at Standard Chartered Bank, bring extensive legal and financial expertise to the Board.
