Apollo Tyres has reported consolidated consolidated revenues, across operations, for the full year of FY2020 at Rs 16,096 crore, down 6.8 percent year on year (FY2019: Rs 17,273 crore). Net profit for the fiscal was Rs 476 crore. Net sales for the fourth quarter closed at Rs 3,551 crore, down 15 percent year on year (Q4 FY2019: Rs 4,176 crore); net profit reported for the last quarter of FY20 was Rs 78 crore.
According to the company, its Indian operations continued with its growth in the replacement market for the full year in most of the product categories, led by a strong performance in the passenger vehicle segment, industrial tyres and light commercial vehicle segment. The OE segment, though improved sequentially in the fourth quarter, remained under pressure for the full year. European operations as well saw growth in some of the product segments for the full 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.”