Apollo Tyres Q4 Results: Tyre-maker’s PAT soars 276% to Rs 427 crore

Apollo Tyres Q4 Results: Apollo Tyres today (May 9, 2023) announced its fourth-quarter results, recording a rise of 276 per cent to Rs 427 crore in its profit after tax (PAT) in Q4. It beat ZeeBiz’s estimate of Rs 340 crore. The tyre maker’s revenue from operations jumped 12 per cent to Rs 6,247 crore in Q4 FY23 from Rs 5,578 crore in the fourth quarter last year. Its EBITDA soared 59 per cent from Rs 626 crore to Rs 998 crore, beating ZeeBiz’s estimate of  Rs 960 crore. Margin was also up from 11.2 per cent to 16 per cent, beating ZeeBiz’s estimate of 15 per cent. 

The tyre maker also announced a final dividend of Rs 4.00 per equity share and a special dividend of Rs 0.50 per equity share, aggregating to Rs 4.50 (450 per cent) per equity share on face value of Rs 1 each for FY23.  

The company had reported a net profit of Rs 113 crore in the January-March quarter of 2021-22 fiscal.

Revenue from operations rose to Rs 6,247 crore in the fourth quarter as compared with Rs 5,578 crore in the year-ago period, Apollo Tyres said in a statement.

For the year ended Match 31, 2023, the tyre maker posted a consolidated net profit of Rs 1,105 crore as against Rs 639 crore in the fourth quarter of FY22.

Revenue from operations rose to Rs 24,568 crore in FY23 as against Rs 20,948 crore in FY22.

“Our performance, in terms of topline and bottomline, is very much aligned with our internal targets. Under challenging demand scenario across geographies, both India and Europe Operations have done well, and mostly ahead of the market,” Apollo Tyres Chairman Onkar Kanwar noted.

The company has witnessed a good recovery in the commercial vehicle segment in India, he added.

“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,” Kanwar noted.

The company said its board has recommended a dividend payout of Rs 4 per share, and a special dividend of Rs 0.50 per equity share, aggregating to Rs 4.50 (450 per cent), on face value of Re 1 each for FY23.

Shares of the company ended 1.42 per cent up at Rs 381.60 apiece on the BSE.