Apollo Tyres Ltd. (ATL) consolidated net profit for the quarter ended March slid 14% YoY to ₹354 crore.
Revenues from operations grew by ₹11 crore to ₹6,258 crore. The revenue growth of Indian and European operations were in single digits, the tyre major said in a statement.
“As per government’s mandate, we have provisioned for the Extended Producer Responsibility, which has slightly impacted our profitability,” said Chairman Onkar Kanwar.
“Our performance in Europe has been much better than the overall market, with market share gains across product categories. Going forward, demand looks good for different products across key geographies,” he said.
The board recommended ₹6 per share dividend and accepted early retirement of Whole-time Director Satish Sharma
CFO Gaurav Kumar has been appointed as the Whole-time Director from June 1.
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