The Board of Directors of Apollo Tyres Ltd today approved the company’s unaudited results for the 1st quarter of the financial year 2014-15. Earlier in the day, at the 41st Annual General Meeting, shareholders approved the annual dividend payout of 75% per share (0.75 per equity share), for the year ended March 31, 2014.
For the quarter ended June 30, 2014, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 228 crores on the net sales of Rs 3235 crores. Showing signs of growth, Apollo Tyres’ Indian Operations registered 6% increase in revenue in the first quarter, while European Operations, continuing its good performance, registered an increase of 18% in revenues in Q1 FY15, as compared to the same period last year. Sale of part of African business in the last fiscal, led to the company reporting flat revenue growth on a consolidated level in the first quarter.
Commenting on the results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “Increased vehicle sales in the past quarter across geographies, and especially in India, along with a better product and market mix, helped us report good numbers in the past quarter.”
Quarter 1 Consolidated Performance Highlights
Q1 FY2014-15 (April - June) vs Q1 FY2013-14
Mr Kanwar further added, “Along with our decision to go ahead with a new Greenfield facility in Eastern Europe, we also have plans in place to expand the truck-bus radial capacity at our Chennai plant and re-jig the product mix of our facility in Kalamassery, Kerala.”
Cross Currency Reference Chart for Key Financials:
|Q1 FY2014-15||Rs Billion||US$ Million||Euro Million|