Apollo Tyres Q4 net profit falls 66% on one-time loss related to IL&FS

Apollo Tyres on Thursday reported a 66 percent fall in its fourth-quarter net profit due to a one-time loss related to IL&FS write-offs. Net profit after tax for the March quarter was Rs 84 crore compared to Rs 250 crore in the same quarter a year ago. The results included a loss of Rs 100 crore written-off due to IL&FS exposure. Adjusted profit stood at Rs 184 crore in Q4FY19, down 26 percent.

The company's revenue rose 6 percent to Rs 4,274 crore for the period ended March 31, compared to Rs 4,033 crore in the year-ago quarter. EBITDA was down 17.9 percent at Rs 424.6 crore as against Rs 517.5 crore.

The company's revenue from Asia Pacific, Middle East and Africa regions rose 8 percent to Rs 3,113.7 crore. EBITDA fell 22 percent to Rs 266.5 crore. Margins stood at 8.6 percent, compared to 11.9 percent last year.