Apollo Tyres Ltd, posted a 62% increase in net profit at Rs 42.71 crore for the quarter ended March 2007 against Rs 26.38 crore for the same corresponding period of last fiscal year.
The operating profit increase by 82% for the fourth quarter ended March 2007, at Rs 100 crore against Rs 56.71 crore for the same period of last year. The net sales increase by 22% at Rs 910 crore for the quarter ended March 2007, against Rs 740 crore for the same period of last year.
The company increased its annual net profit by 23.69% at Rs 110 crore against last year's Rs 88.93 crore. The operating profit for the same period stood increase to Rs 400 crore, from Rs 230 crore in the 2005-06 fiscal. The net grew to Rs 4290 crore from Rs 2630 crore of the previous year.
Onkar S Kanwar, CMD, Apollo Tyres, said: "We achieved a huge revenue growth of more than 16 per cent in South Africa and 25 per cent in India, despite the high raw material costs and escalating natural rubber prices. Our continuous focus on increasing internal efficiencies helped us to strengthen our bottomline for the last fiscal."
Further, the board of directors of Apollo Tyres today approved a proposal for splitting the equity shares of the company in the ratio of 1:10, i.e. each equity share with a face value of Rs 10 to be sub-divided into 10 equity shares of Re 1 each.
The board also okayed a proposal to increase the investment by Foreign Institutional Investors (FIIs) upto 30% of the paid up equity share capital of the company.
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