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Apollo ups income and sales despite 4Q

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Apollo Tyres Ltd posted net income of 6.1 billion rupees on net sales of 127.9 billion rupees for its fiscal year ended March 31, 2013. That compares to income of 4.1 billion rupees on sales of 121.5 billion rupees for its previous fiscal year.

Based on the exchange rate on March 31, 2013, Apollo recorded net income of $112.2 million on net sales of $2.3 billion for its fiscal 2012-13. Its income-to-sales ratio was 4.7%.

Operating income was up 29.1%, from 12 billion rupees to 15.5 billion rupees.

“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," says Chairman Onkar S Kanwar.

"A positive for us 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 tire sales going forward.”

On a consolidated level, here's how the company breaks out revenue by region:

* India, 65%.

* Netherlands, 23%.

* South Africa, 12%.

For its fourth quarter, Apollo posted net income of 1.4 billion rupees on net sales of 30.4 billon rupees. That compares to income of  nearly 1.6 billion rupees on sales of 32.3 billion rupees for 4Q 2011-12.

“As a company, we continue to seek ways to move beyond the prevailing adverse business conditions and concentrating on newer markets, and to provide our customers with better products that match their evolving needs,” adds Kanwar.

The company's board of directors recommended a dividend payout of 50%, to be approved by the shareholders at the forthcoming Annual General Meeting.

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