Apollo Tyres Q4 net down 9.4% at Rs 142 cr

Apollo Tyres today reported 9.4% decline in net profit at Rs 141.78 crore for its fourth quarter ended March 31, as against Rs 156.95 crore for the same period the previous fiscal.

Net sales during the Q4, 2012-13 stood at Rs 3,037.75 crore as against Rs 3,231.39 crore in the year-ago period.

For the entire 2012-13 fiscal, however, the company's net profit was up 49.81% at Rs 612.6 crore, as against Rs 409.89 crore in 2011-12.

The company said its net sales during FY13 stood at Rs 12,794.63 crore, as against Rs 12,153.28 crore in FY12.

Apollo Tyres Chairman Onkar S Kanwar said: "Our continued focus on improving our product and customer mix across geographies has helped us to hold on to our topline, despite the extremely challenging circumstances arising out of broader economic concerns."

On the outlook, he said a positive thing that has happened is the growth in the commercial vehicle segment in India in the new fiscal, after witnessing flat (or negative) growth in the past year.

"I believe that the worst is behind us, and we should see improvement in both automotive and tyre sales going forward," Kanwar said.

In order to maintain the growth momentum, he said Apollo Tyres would concentrate on newer markets and seek ways to move beyond the prevailing adverse business conditions.

Apollo Tyres scrip closed at Rs 94.40, down 0.58% from the previous close on the BSE.