Apollo Tyres today reported 9.58 per cent increase in profit at Rs 250.11 crore for the fourth quarter ended March of 2017-18.
The company had posted a profit of Rs 228.24 crore in the same period of the previous fiscal, Apollo Tyres said in a BSE filing.
Sales during the quarter under review were at Rs 3,982.43 crore. In the year-ago period, it stood at Rs 3,533.02 crore. The two figures are not comparable since post GST implementation in July last year revenue from operations is reported net of GST.
During the quarter, both Indian and European operations, continued with their growth momentum and registered a revenue growth upwards of 20 per cent, led by a strong performance in commercial vehicle segment, especially truck radials, in India, and passenger vehicle category in Europe, it said.
For the fiscal 2017-18, profit was at Rs 723.88 crore as against Rs 1,098.99 crore in the previous year, down 34.13 per cent.
Sales for the financial year 2017-18 stood at Rs 14,928.95 crore. It was at Rs 14,052.89 crore in the previous fiscal.
Apollo Tyres Chairman Onkar S Kanwar said, "This is an impressive performance by the company, with each of the key operations witnessing a healthy volume growth across product segments."
Shortage of a key raw material, and the increasing cost of crude-based raw materials, did pose challenges, he added.
The raw material prices, as a basket, went up by more than 10 per cent in the past fiscal.
"This cost push is likely to continue going forward as well, putting pressure on our margins. On the positive side, considering our capacity expansions in India and Europe, we are looking forward to a healthy growth in our topline," Kanwar said.
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