Apollo Tyres Q4 net dips 22% at Rs 46 cr

Tyre maker Apollo Tyres Ltd today reported a 21.95 per cent dip in net profit at Rs 46.2 crore for the fourth quarter ended March 31, 2009, as compared to the corresponding quarter of the previous financial year.

The company's net profit for the comparable quarter stood at Rs 59.2 crore in the previous financial year, it said in a statement.

Net sales of the company went up by 11 per cent at Rs 1,110 crore for the fourth quarter of the last fiscal.

Its net sales for the comparable quarter of the previous financial year were Rs 1,001 crore.

For the entire year, Apollo's net profit almost halved at Rs 108 crore compared to the previous fiscal.

Its net profit for the previous financial year was Rs 219 crore.

The company's net sales for 2008-09 moved up 10 per cent at Rs 4,070 crore compared to Rs 3,694 crore in the previous fiscal.

Apollo's revenues and profit have been adversely impacted due to the "extremely challenging year for the tyre industry", the statement said.