Apollo Tyres has had a good outing in FY2019. According to Apollo Tyres’ audited financial results, its consolidated revenues across operations, for the full fiscal year of FY2019 grew 18 percent to close at Rs 17,273 crore. During the same period, the company reported a net profit of Rs 680 crore.
Net sales for the fourth quarter witnessed a growth of 5 percent, as compared to the last fiscal, to close at Rs 4,176 crore; net profit reported for the last quarter of FY19 was Rs 84 crore.
Commenting on the results, Onkar S Kanwar, chairman, Apollo Tyres, said, “Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as, in the fourth quarter of FY2019. The bottom line has been impacted, especially in Q4, due to the write-off for ILFS, and the raw material prices, as a basket, going up by nearly 10 percent (in Q4). In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up after the elections; European operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary.”
On a consolidated level the break-up of revenues across geographies are: India – 66%; Europe – 30% and Other Geographies – 4%. In FY2019, Apollo Tyres started the commercial production of truck tyres in its Hungarian facility.