Apollo Tyres on Thursday reported a consolidated net profit of ₹84 crore for the fourth quarter ended March 31, 2019, down 66 per cent year-on-year (YoY) as compared with ₹250 crore in the corresponding period last year. The loss was mainly due to the high raw material prices and the write-off for IL&FS, the company said.

Net sales of the company grew by 5 per cent YoY to ₹4,176 crore during the quarter as against ₹3,982 crore in same quarter last year.

Both, Indian and European operations, continued with their growth momentum, registering double digit revenue growth, led by a strong performance in the commercial vehicle segment in India, and passenger vehicle category in Europe.

“Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as, in the fourth quarter of FY19. The bottom line has been impacted, especially in Q4, due to the write-off for IL&FS, and the raw material prices, as a basket, going up by nearly 10 per cent,” Onkar S Kanwar, Chairman, Apollo Tyres, said.

“In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up post the elections; European operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary,” he said.

The board has recommended a final dividend of ₹3.25 per equity share of face value of ₹1 each, subject to the approval of the shareholders, the company said.

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