New Delhi, May 14 (IANS) Apollo Tyres on Tuesday reported a 13.7 per cent decline in net profit at Rs 354 crore for the Jan-March quarter of 2023-24 compared with the corresponding figure of Rs 410.30 crore for the same period of the previous year.

The Apollo Tyres board has “recommended a dividend of Rs 6 per equity share (i.e. 600 per cent) on the face value of Rs 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,” the company said in a stock exchange filing.

The tyre major posted revenue from operations at Rs 6258.20 crore, marginally up from Rs 6247.33 crore during the same period last year. The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) stood at Rs 1028 crore, up 3 per cent year-on-year.