The Impressive Times Kochi, May 15 , 2024 : The Board of Directors of Apollo Tyres Ltd has approved the company’s audited financial results for the fourth quarter (Jan to Mar) and the financial year 2023-24.
The Board recommended a dividend payout of Rs 6.00 per equity share (600%), on face
value of Rs 1 each for FY24, subject to the approval of the shareholders at the forthcoming Annual General Meeting. Consolidated revenues from operations across geographies for the full year FY24 grew 3% to close at Rs 25,378 crores, whereas, for the 4th quarter, they were at Rs 6,258 crores. Both Indian Operations and European Operations’ revenue grew in single digits for the full year and in the 4th quarter. Revenue from operations was up 3% to close at Rs 25,378 crore, as against Rs 24,568 crore in FY23.
Operating profit was up 34% at Rs 4,447 crores, as against Rs 3,314 crores. Net profit was up
65% to close at Rs 1,722 crore, as against Rs 1,046 crore in the same period last fiscal.
Revenue from operations closed at Rs 6,258 crore, as against Rs 6,247 crore in Q4 FY23.
Operating profit reported was Rs 1,028 crore, as against Rs 998 crore. Net profit for Q4 closed at
Rs 354 crore, as against Rs 410 crore in the same period last fiscal.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd, said,
“Our performance in the past fiscal year reflects our strategy of profitable growth. Our
performance in Europe has been much better than the overall market, with market share gains
across product categories. Going forward, too, the demand scenario is looking good for different
product segments across our key geographies. As per the government’s mandate, we have
provisioned for Extended Producer Responsibility (EPR), which has slightly impacted our
profitability.”
At its meeting, the Board noted the desire of Satish Sharma, President, APMEA (Asia Pacific,
Middle East, and Africa), to seek early retirement from the company and accepted his
consequent resignation as Wholetime Director from the Board.
Onkar Kanwar said, “Satish has been expressing his desire to step back from active corporate life
and focus on his other interests. I, along with all at Apollo, wish to thank Satish for his 27 years
of service and his significant contributions in building Apollo to its present position. We wish
him the very best in his future endeavors.”
The Board approved the appointment of Gaurav Kumar, Chief Financial Officer of the company,
as the Wholetime Director from June 1, 2024, subject to the approval of shareholders.
Welcoming the nomination, Onkar Kanwar commented on Gaurav’s insightful abilities to bring
the financial impact of decisions to the forefront and expressed confidence that his presence on
the board would further strengthen the financial lens of the board on all strategic decisions.
Pallavi Shroff, Independent Director, stepped down from the board on completion of her maximum two terms of service. In his vote of thanks, Onkar Kawar noted her long association
with the company and her wise counsel and advice on key matters over the years.
The Board also approved the nominations of Berjis Desai and Sumit Dayal to the Board of
Directors with effect from August 6, 2024, subject to shareholder approval at the forthcoming
Annual General Meeting of the company. Desai retired as Senior Partner, J. Sagar Associates, one of India’s leading law firms, after a long and distinguished career spanning 43 years. He currently sits on the boards of some leading listed companies and is a published author.
Dayal brings over 34 years of international banking experience to the board.
His last role was as Global Head of Corporate Finance at Standard Chartered Bank, and he is
now a director in a sustainable energy company as well as a start-up fintech company.
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