Financial Results: This tyre company reports an impressive 73 per cent surge in net profit

As the season of financial results is on the company has reported excellent results.

As the tyre companies are reporting their results, both MRF Ltd and CEAT Ltd have shown good growth in sales and net profit. Now it's time for Apollo Tyres. Today company declared its results for the fourth quarter and year ended March 31, 2023. 

 On a consolidated basis, the company recorded a more than three-fold increase in net profit for the fourth quarter ended March 31, 2023, from Rs 113.45 crore for the same quarter the previous year to Rs 427.40 crore. In Q4FY23, the company's total revenue climbed by 11.55 per cent to Rs 6,264.24 crore from Rs 5,615.49 crore in the similar quarter the year prior. 

 The company reported a 72.98 per cent increase in net profit for the fiscal year that ended on March 31, 2023, from Rs 638.60 crore to Rs 1104.64 crore on a consolidated basis. When compared to the year ended March 31, 2022, the company's total revenue climbed by 16.79 per cent, or Rs 24,609.22 crore from Rs 21,071.06 crore. 

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Today the scrip opened at Rs 375 and touched a high and low of Rs 377.70 and Rs 364.55, respectively. It closed around Rs 368.80 and 4,01,802 shares were traded over the counter at BSE. 

The BSE group ‘A’ stock has a face value of Rs 1 with a market capitalization of Rs 23,422.52 crore. 

The company manufactures and sells tyres as a business. Apollo and Vredestein are the company's two main brands, although it also has two smaller region-specific brands Kaizen and Regal. Apollo and Vredestein comprise tyres for passenger, commercial and off-highway vehicles while Regal and Kaizen focus on the truck-bus tyre segment.