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Apollo Tyres Q4FY16 consolidated net profit declines 20.27% yoy to Rs.245.16 crore : Estimates Mixed

The company’s consolidated revenue stood at Rs. 2,989.66 crore, down 5.38% yoy but up 1.39% qoq.

May 11, 2016 5:24 IST | India Infoline News Service
Apollo Tyres
Apollo Tyres, tyre maker, reported consolidated net profit of Rs.245.16 crore for the quarter ended March 31, 2016, registering decline of 20.27% yoy and 11.98% qoq. The company’s consolidated revenue stood at Rs. 2,989.66 crore, down 5.38% yoy but up 1.39% qoq.

Its consolidated core operating profit of Rs. 477.32 crore for the quarter, declined by 7.65% yoy and 5.59% qoq. Operating profit margin for the current quarter at 15.97% contracted by 39 bps yoy and 118 bps qoq.

For the year ended March 31, 2016, the company reported consolidated net profit of Rs. 1,093.01 crore, growing by 11.81% yoy. Its consolidated revenue for the period stood at Rs. 11,793.02 crore, registering decline of 7.98% yoy.

Apollo Tyres Ltd's core operating profit stood at Rs. 1,968.23 crore, recording growth of 1.95% yoy. Operating margin for the current period at 16.53% expanded by 146 bps yoy.

On standalone basis,Apollo Tyres Ltd, reported standalone net profit of Rs. 210.62 crore for the quarter ended March 31, 2016, registering growth of 15.46% yoy and 6.76% qoq. The company’s standalone revenue stood at Rs. 2,155.20 crore, down 4.91% yoy but up 0.29% qoq.

Its standalone core operating profit of Rs. 375.44 crore for the quarter, declined by 0.1% yoy and 1.6% qoq. Operating profit margin for the current quarter at 17.42% expanded by 84 bps yoy but contracted by 33 bps qoq.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 852.48 crore, growing by 32.15% yoy. Its standalone revenue for the period stood at Rs. 8,701.64 crore, registering decline of 2.96% yoy.

Apollo Tyres Ltd's core operating profit stood at Rs. 1,560.73 crore, recording growth of 18.65% yoy. Operating margin for the current period at 17.83% expanded by 316 bps yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Consolidated Revenue 2989.66 3071 [2.65]
Consolidated Net Profit 245.16 299 [18.01]

Consolidated EPS for the quarter stood at Rs. 4.82.

Bloomberg estimated the company’s consolidated net profit at Rs. 287.86 crore.

Corporate Action: Apollo Tyres’ board of directors at its meeting held on May 11, 2016 has recommended the Final dividend at the rate of Rs. 2/- per Equity Share of Re. 1 each for the year, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company, which shall be paid/ dispatched on or before 10th day from the conclusion of AGM; and

Stock Commentary:

Apollo Tyres Ltd ended at Rs. 153.4, up by 1.05 points or 0.69% from its previous closing of Rs. 152.35 on the BSE.

The scrip opened at Rs. 150 and touched a high and low of Rs. 154.25 and Rs. 148.5 respectively. A total of 2949928(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7754.99 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 223.3 on 05-Aug-2015 and a 52 week low of Rs. 127.95 on 20-Jan-2016. Last one week high and low of the scrip stood at Rs. 160.5 and Rs. 151.3 respectively.

The promoters holding in the company stood at 44.15 % while Institutions and Non-Institutions held 41.91 % and 13.94 % respectively.

The stock traded above its 200 DMA.


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