The Board of Directors of Apollo Tyres Ltd approved the company’s unaudited results for the 1st quarter of the financial year 2015-16.
Earlier in the day, at the 42nd Annual General Meeting, shareholders approved the annual dividend payout of 200% per share (Rs 2.00 per equity share), for the year ended March 31, 2015. For the quarter ended June 30, 2015, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 291 crores on the net sales of Rs 2832 crores. While the European Operations reported flat revenue growth in the quarter under consideration, the increasing imports of commercial vehicle tyres, into the country, adversely impacted the Indian Operations’ revenue. More than 30% of the demand for truck-bus radials from the replacement market in India is being met by these imported tyres, which are mostly from China.