Apollo Tyres Ltd. posted net income of 840 million rupees on net sales of more than 41.7 billion rupees for its fourth quarter ended March 31, 2019. That compares to income of nearly 2 billion rupees on sales of 46.5 billion rupees for the same period in fiscal 2017-2018 (also known as fiscal 2018).
Based on the exchange rate on March 31, 2019, Apollo recorded net income of $12.1 million on net sales of $601.4 million for the fourth quarter of fiscal 2019. The company’s income-to-sales ratio was 2%.
For the full year, Apollo’s net income was 6.8 billion rupees (nearly $98 million) on net income of 172.7 billion rupees (nearly $2.5 billion), resulting in an income-to-sales ratio of 3.9%.Compared to the previous fiscal year, income was down 6%, and sales were up 15.7%.
The revenue breakdown in geographical results is as follows:
| Region | 4Q | Full year |
| APMEA* | $448.4 million | $1.8 billion |
| Europe | $174.2 million | $759.3 million |
| Others | $98.8 million | $516 million |
* Asia Pacific/Middle East/Africa
Indian and European Operations continued with their growth momentum in the full year from April 1, 2018, to March 31, 2019. Both registered double-digit revenue growth, led by a strong performance in the commercial vehicle segment, especially truck.
"Considering the headwinds, we have managed a healthy volume growth across geographies for the full year, as well as, in the fourth quarter of FY19," says Chairman Onkar Kanwar. "The bottom line has been impacted, especially in Q4, due to the write-off for ILFS, and the raw material prices, as a basket, going up by nearly 10% (in Q4).
"In India, with the green shoots already visible in the replacement market, we are optimistic about the overall sales picking up post the elections; European Operations, on the other hand, will continue with its strong performance on the back of increased supplies from Hungary."
Apollo’s board of directors commended a dividend payout of 325%, to be approved by the shareholders at the forthcoming annual general meeting.
