New Delhi, May 5: Apollo Tyres Limited (ATL) has clocked a net profit of Rs 78.17 crore for fiscal 2005-06 on a total income of Rs 3,002.12 crore. The company had registered a net profit of Rs 67.63 crore in the previous year.

Net sales increased 18 per cent at Rs 2,625.5 crore against Rs 2,225.4 crore in 2004-05, ATL has informed the Bombay Stock Exchange.

The company’s board has recommended a dividend of Rs 4.50 on equity shares of Rs 10 each, amounting to Rs 17.25 crore for the year ended March 31.

The group’s consolidated profit, after minority interest, stood at Rs 88.94 crore for 2005-06 against Rs 61.78 crore in 2004-05.

“ATL has retained its net profit margin for the year at 3 per cent despite an exponential rise in the prices of natural rubber and crude in the course of the year,” the company said.

Between 2004 and 2005, prices of natural rubber and crude went up by 28 per cent and 35 per cent respectively.

These two account for over 65 per cent of all raw material costs for the company.

For the fourth quarter of 2005-06, ATL has posted a 30.07 per cent increase in net profit at Rs 26.38 crore compared with Rs 20.28 crore in the year-ago period.

The company had concluded the acquisition of Dunlop Tyres International (Dunlop South Africa) in a Rs 290-crore all-cash deal last month.