Goodyear India revenue up 18%
Goodyear India reported results for the third quarter of fiscal year 2022. Sandeep Mahajan, Chairman and Managing Director of Goodyear India, said, “Our consumer replacement business continued to grow and gain market share, reflecting the strength of our brands.”
While demand remains robust, the business continues to deal with various cost pressures including the effects of the pandemic on the labor force, steep rise in fuel prices, and ongoing raw material inflation.
“In this unprecedented environment, we’re focused on offsetting costs with pricing and cost actions, expanding our distribution, and continuing to prioritise the health and safety of our associates,” added Mahajan.
Q3 Results
The company’s third-quarter total Revenue was Rs 612 crore, up 18% from a year ago. Gross Margin was negatively impacted by the higher cost of goods sold (+28%) due to increased raw material prices across all categories. Other expenses were impacted by a steep rise in fuel prices.
Third-quarter profit after tax (PAT) was Rs 19 crore, a decrease of 60% compared to Rs 49 crore in the prior year. PAT as a percentage of sales was 3.2%, down from 9.4% in the same period last year.
Cash performance
Robust ending cash and bank balance of Rs 528 on December 31, 2021, was attributable to sustained operating cash flows, aided by improvement in working capital and capex optimisation.
Goodyear is one of the world’s largest tire companies. It employs about 72,000 people and manufactures its products in 55 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.
Goodyear’s presence in India is close to 100 years old, with two plants, one each in Ballabgarh and Aurangabad. In the farm segment, Goodyear India is a leading player in the original equipment segment and supplies to all major tractor companies.
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