Revenue from operations grew by 12% year on year to Rs 6,247.33 crore in the quarter ended 31 March 2023.

Profit before exceptional items and tax surged to Rs 503.98 in Q4 FY23 from Rs 160.09 crore recorded in the corresponding quarter previous year. The company reported an exceptional loss of Rs 22.58 crore during the quarter.

Operating profit in Q4 FY23 was at Rs 998 crore, up 59.42% from Rs 626 crore posted in Q4 FY22.

In the financial year ended March 2023, the company's consolidated net profit soared 72.98% to Rs 1,104.64 crore on 17.28% increase in revenue to Rs 24,568.13 crore.

Consolidated revenues from operations across geographies for the fourth quarter grew 12% to Rs 6,247 crore, where as, for the full year of FY23, it grew more than 17% to Rs 24,568 crore.

Both Indian operations and European operations revenue grew 9% each in the fourth quarter; for the full year they grew 18% and 11% respectively (in Rs terms).

Onkar Kanwar, Chairman, Apollo Tyres, said “Our performance, in terms of topline and bottomline, is very much aligned with our internal targets. Under challenging demand scenario across geographies, both India and Europe Operations have done well, and mostly ahead of the market. We have witnessed good recovery in the commercial vehicle segment in India. Company's performance, going forward, will be positively impacted by the uptick in the replacement demand, especially in India, along with stable input costs.”

Meanwhile, the company's board has recommended a final dividend of Rs 4 per equity share and a special dividend of Rs 0.50 per equity share on occasion of 50th Annual General Meeting (AGM) of the company, aggregating to Rs 4.50 per equity share for FY23. The dividend will be paid/ dispatched on or before 30 days from the conclusion of the AGM.

Further, the board has approved the fixation of tenure of Onkar Kanwar as chairman of the company for five years, effective from 1 February 2023 to 31 January 2028.

The board of directors of the company has also approved the reappointment of Neeraj Kanwar as managing director and Satish Sharma as whole-time director for a period of five years from 1 April 2024 to 31 March 2029.

Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.

Shares of Apollo Tyres slipped 3.49% to Rs 368.30 on the BSE.