New Delhi, May 19 (PTI) Apollo Tyres on Tuesday reported a 7.36 per cent decline in its consolidated net profit to Rs 77.8 crore for the fourth quarter ended March 31, 2020.
The company had posted a net profit of Rs 83.99 crore for the January-March period of 2018-19.
Total income of the company declined to Rs 3,607.74 crore for the fourth quarter as compared with Rs 4,322.24 crore in the same period of 2018-19, Apollo Tyres said in a statement.
“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 said.
He further said: “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 started picking up gradually across product and market segments, giving company some relief, Kanwar said.
For the year ended March 31, 2020, the tyre maker reported a net profit of Rs 476.39 crore as against Rs 679.84 crore in 2018-19.
Total income of the company for the 2019-20 fiscal stood at Rs 16,373.87 crore as compared with Rs 17,671.96 crore in 2018-19.