Special Correspondent

KOCHI: The board of directors of Apollo Tyres Ltd. has recommended a dividend payout of 75 paise per share for the financial year 2009-10.

The board approved the company's audited financial results for the fourth quarter and the financial year. The annual general meeting later in the year will have to approve the dividend recommendation, a press release says.

The consolidated annual revenues of the company, taking into account the manufacturing bases in India, South Africa and the Netherlands, grew by 63 per cent to reach a net sales of Rs.8,120 crore from Rs.4,984 crore of 2008-09.

The operating profit grew to Rs.1,196 crore from Rs.439 crore. The net profit rose to Rs.653 crore from Rs.139 crore.

In India alone, the net sales moved up by 24 per cent to Rs.5,037 crore from Rs.4,070 crore. The operating profit rose to Rs.795 crore from Rs.336 crore. The net profit rose to Rs.415 crore from Rs.108 crore.

Exports grew by nearly 27 per cent. The release says the annual growth and profitability across operations are an indication of the company's ability to overcome a challenging environment and consistently work towards delivering value through profitable growth.