India’s leading tyre maker, Apollo Tyres has recently registered a decrease of 66.41 percent in its consolidated net profit that stood at INR. 83.99 crore for the Q4 of 2018-2019. This is hit by INR. 100 crore write-offs related to Infrastructure Leasing & Financial Services Limited (IL&FS). The indigenous tyre maker has written off INR. 100 crore for the March quarter and the total of INR. 200 crore for the entire FY 18-19 on account of the IL&FS issue. During the previous period, Apollo Tyres had posted a net profit of INR. 250.10 crore for the Q4 of 2017-2018.
The company in a statement said that sales stood at INR. 4,176.25 crore for the period under review, while during the same period last year it was INR. 3,982.43 crore. Sales during the last fiscal year stood at INR. 17,273.39 crore against INR. 14,928.95 crore in 2017-2018.
Apollo Tyres Chairman, Onkar. S. Kanwar in an official statement said, considering the headwinds, they have managed to get a healthy growth across the globe. Though the bottom line has been impacted in Q4, but it was due to the write-off for IL&FS. Also, the increase in the price of the raw material by 10 percent in Q4 also impacted the performance of Apollo Tyres.