Apollo Tyres: Rubber prices puncture profits - Views on News from Equitymaster

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Apollo Tyres: Rubber prices puncture profits

May 27, 2004

Apollo Tyres, India's leading manufacturer of truck and bus tyres, has borne the burnt of higher rubber prices during 4QFY04 as well as for the full year. During the year, while the topline of the company has grown at a healthy rate of 19%, the bottomline has suffered a fall of a significant 41%. Similar trend has been observed during the fourth quarter as well. Here, while the topline has grown by 17% YoY, the net profits have declined 59% as compared to same quarter last year.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 4,423 5,182 17.2% 16,083 19,108 18.8%
Other income 3 40 1279.3% 14 60 333.8%
Expenditure 3,940 4,785 21.5% 14,016 17,492 24.8%
Operating profit (EBDITA) 483 397 -17.9% 2,067 1,616 -21.9%
Operating profit margin (%) 10.9% 7.7%   12.9% 8.5%  
Interest 38 37 -2.1% 249 186 -25.1%
Depreciation 76 122 60.8% 334 437 31.1%
Profit before tax 372 278 -25.5% 1,499 1,052 -29.8%
Extraordinary items 166     166    
Tax 83 90 8.5% 465 348 -25.2%
Profit after tax/(loss) 456 188 -58.8% 1,200 704 -41.3%
Net profit margin (%) 10.3% 3.6%   7.5% 3.7%  
No. of shares (m) 36.3 38.3   36.3 38.3  
Diluted earnings per share (Rs)* 47.6 19.6   31.3 18.4  
P/E (x)         10.6  
(* annualised)            

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