Apollo Tyres has registered a 65% net profit for the financial year 2024 but saw a net profit decline of 14% for Q4 on a year-on-year basis.
The annual financial performance comparison between FY 2023-24 and FY 2022-23 shows that the company demonstrated positive growth across key metrics. Revenue from operations increased by 3% to reach Rs 25,378 crores, up from Rs 24,568 crores in the previous fiscal year. Operating profit surged by 34% to Rs 4,447 crores, compared to Rs 3,314 crores previously. The net profit also saw significant growth, rising by 65% to Rs 1,722 crores from Rs 1,046 crores in the corresponding period last year.
In the quarterly comparison for Q4 FY2023-24 against Q4 FY2022-23, the company maintained a stable performance. Revenue from operations closed at Rs 6,258 crores, slightly higher than the Rs 6,247 crores reported in the same quarter of the previous year. Operating profit for Q4 stood at Rs 1,028 crores, showing a marginal increase from Rs 998 crores in Q4 FY23. However, the net profit for Q4 decreased to Rs 354 crores from Rs 410 crores in the corresponding period last fiscal. Overall, the company’s financial results reflect a positive trend in annual growth and a resilient performance in the latest quarter.
| Metric | FY 2023-24 | FY 2022-23 | Change | Q4 FY 2023-24 | Q4 FY 2022-23 | Change |
| Revenue from operations | Rs 25,378 cr | Rs 24,568 cr | +3% | Rs 6,258 cr | Rs 6,247 cr | +0.2% |
| Operating profit | Rs 4,447 cr | Rs 3,314 cr | +34% | Rs 1,028 cr | Rs 998 cr | +3% |
| Net profit | Rs 1,722 cr | Rs 1,046 cr | +65% | Rs 354 cr | Rs 410 cr | -14% |
The chairman of Apollo Tyres Ltd Onkar Kanwar gives his comment on the company’s quarterly result, He said“Our performance in the past fiscal reflects our strategy of profitable growth. Our performance in Europe has been much better than the overall market, with market share gains across product categories. Going forward too, the demand scenario is looking good for different product segments across our key geographies. As per the Govt’s mandate, we have provisioned for the Extended Producer Responsibility (EPR), which has slightly impacted our profitability.”
