Apollo Tyres Profits Cross1000 Crore

This past financial year was a good one for Apollo Tyres, as the company posted a net profit of over Rs 1000 crore for the financial year 2013-14. The consolidated annual revenues across operations in Asia, Africa and Europe, increased 4% to reach Rs 13310 crores, and in the fourth quarter alone the company's net sales grew by 6%.

The tremendous success and growth of Apollo Tyres was welcomed by the the Board of Directors as they approved the company’s audited financial results for the 4^th quarter (January to March) and the financial year 2013-14. The Board also recommended a dividend payout of 75%, to be approved by the shareholders at the forthcoming Annual General Meeting, later in the year.

Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres said, “Last year, we saw the consolidation of our two brands -- Apollo and Vredestein, and their entry into newer markets. All this, along with better product and customer mix across geographies has helped us report incremental revenues. Recovery in the commercial vehicle segment in India in the new fiscal, after witnessing negative growth in the past year, will have a positive impact going forward. Car sales in Europe have also risen continuously for the last 3 quarters, which is again a positive for us.”