Apollo Tyres on Wednesday posted a fourfold increase in its combined value of Rs 289 crore in the fourth quarter of March 31, 2021, which rode after strong sales in domestic and foreign markets.
The company reported a combined profit of Rs 78 crore in the January-March quarter of 2019-20.
Operating income increased by 39 percent to 5,026 rupees, compared with Rs 3,616 last year, Apollo Tires said in a statement.
For the 2020-21 financial year, the big wheel reported a full profit of 958 rupees, a double increase, compared to Rs 476 crore in 2019-20.
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Revenue (from Operations) increased by 6 percent to Rs 17,397 crore, compared to Rs 16,350 crore in the 2019-20 financial year.
“What started out as a very challenging year, with the closure of geographies, ended on a very positive note with an increase in revenue across all market segments,” said Apollo Tires Chairman Onkar Kanwar.
Ensuring business continuity and employee safety has been paramount throughout the epidemic, and given the current situation, especially in India, no one can let down a security guard, he added.
Onkar noted that the coming year is fraught with challenges, demanding that it be severely affected by closures, as well as side pressures, due to inflation.
The company’s board has recommended that 350% of the shares be paid, to allow shareholders to attend the next general meeting next year.
