Shares of Apollo Tyres Ltd rallied 7% on 16 May despite the company reporting weak quarterly earnings for January-March. 

In its quarterly report, the tire manufacturer reported a 14% year-on-year decline in net profit to Rs 354 crore for the quarter from the same quarter last year. For the full fiscal year 2024, the company reported a 65% YoY increase to Rs 1,722 crore from Rs 1,046 crore recorded during the fiscal year 2023.

The revenue from operations during the quarter stood at Rs 6,258 crore, showing marginal growth from Rs 6,247 crore in the fourth quarter of the 2022-23 fiscal year. The consolidated revenue from operations for FY24 increased by 3% to Rs 25,378 crore from Rs 24,568 crore in FY23.

The company, in its regulatory filing, added, “Recommended the Dividend of Rs. 6.00 per Equity Share (i.e. 600%) on face value of Re 1 each for FY24, subject to the approval of the Shareholders at the ensuing AGM of the Company, which shall be paid/ dispatched on or before 30 days from the conclusion of the AGM.”

At 1:02 pm, the shares of Apollo Tyres were trading 3.24% higher at Rs 489.45 on NSE.