Homegrown tyre maker Apollo Tyres reported close to a four-fold increase in consolidated profit at Rs 427 crore, for the fourth quarter ended March 31, 2023. The company had posted Rs 113 crore consolidated net profit in the same period last fiscal.  

The company's revenue from operations was up 12%, at Rs 6,247 crore, as against Rs 5,578 crore in Q4 FY22. During the quarter under review, operating profit stood at Rs 998 crore, versus Rs 626 crore in the same period last fiscal. 

According to Onkar Kanwar, Chairman, Apollo Tyres, the company's performance in terms of topline and bottomline, is aligned with its internal targets.

"Under challenging demand scenario across geographies, both India and
Europe Operations have done well, and are mostly ahead of the market. We have witnessed good recovery in the commercial vehicle segment in India."

The company’s performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs, added Kanwar. 

For full-year FY23, net profit was up 73% at Rs 1,105 crore, as against Rs 639 crore in the same period last fiscal. Revenue from operations was up 17% at Rs 24,568 crore, as against Rs 20,948 crore in FY22. The operating profit reported was Rs 3,314 crore, as against Rs 2,574 crore.