BOM:500877

Nomura Adjusts Apollo Tyres' Price Target to INR452 from INR543, Keeps at Neutral

Apollo Tyres' Consolidated Profit More Than Triples in Fiscal Q4

Apollo Tyres (NSE:APOLLOTYRE, BOM:500877) consolidated profit more than tripled to 6.31 billion Indian rupees in the fiscal fourth quarter ended March 31, from 1.85 billion rupees a year ago.Earnings per share jumped to 9.97 rupees compared with the year-ago figure of 2.91 rupees, according to a Thursday filing to the Indian stock exchanges by the tire manufacturer.Revenue from operations in fiscal Q4 increased to 73.4 billion rupees from 64.2 billion rupees a year earlier.The company's board recommended a final dividend of 2.5 rupees per share for the financial year ended March 31.Apollo Tyres shares were down nearly 1% in Friday's trade.