Apollo Tyres Q4 net dips 7% to ₹78 crore

Stock Market

Apollo Tyres on Tuesday reported a 7.36 per cent decline in its consolidated net revenue to 77.8 crore for the fourth quarter ended March 31, 2020.

The firm had posted a net revenue of 83.99 crore for the January-March interval of 2018-19.

Total revenue of the corporate declined to 3,607.74 crore for the fourth quarter as in contrast with 4,322.24 crore in the identical interval of 2018-19, Apollo Tyres stated in an announcement.

“Along with the demand in the replacement market, we saw some improvement in demand from OEs as well in the fourth quarter, before the widespread disruption caused by COVID-19 put us all in an uncharted territory,” Apollo Tyres Chairman Onkar S Kanwar stated.

He additional stated: “Our teams across geographies have shown great resilience and adaptability in this difficult situation; various actions have been taken at our operations around the world to protect our people and to ensure business continuity under these circumstances.”

With lockdowns easing, the demand has began selecting up progressively throughout product and market segments, giving firm some aid, Kanwar stated.

For the yr ended March 31, 2020, the tyre maker reported a net revenue of 476.39 crore as in opposition to 679.84 crore in 2018-19.

Total revenue of the corporate for the 2019-20 fiscal stood at 16,373.87 crore as in contrast with 17,671.96 crore in 2018-19.

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