Sales – First quarter: Goodyear India Ltd
Goodyear India Ltd today reported results for the first quarter of fiscal year 2024.
Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “We have sustained our leadership in farm while increasing market share in consumer replacement. We registered a profit growth of 4% yoy despite lower volumes, due to subdued industry and index-based price reduction to OEMs. The company simultaneously benefited from decreasing raw material prices and lower overheads to deliver profit growth”.
“While the current economic environment remains challenging, we expect industry to bounce back, specially in the light of good monsoon which should help stimulate the rural demand. The long-term growth prospect of India remains intact. Noticeable shift in customer preference is evident, as they gravitate towards larger and more powerful vehicles, which will drive premium categories and providing opportunity for mix up of our portfolio”.
“I am pleased to share that in 2023 we are celebrating 125 years of Goodyear’s global presence.It is with this historic milestone that we find pride in all that we have accomplished, and we look forward to the future with strong conviction. India is a key driver for Goodyear’s future growth, and we are committed to expand our presence in the Indian market. We continue to focus on building a “Best in Class” organization with a strong culture around “Trust, Transparency & Meritocracy” added Mr. Mahajan.
Q1 Results
The company’s first quarter revenue was Rs 723 crore, down 12% from a year ago.
First quarter profit before tax (PBT) was Rs 53 crore compared to Rs 50 crore in the prior year. Year-over-year profit was higher due to reduced Raw material prices offsetting the lower volume impact.
Cash Performance
As of June 30, 2023, the Company had Cash & bank balance of Rs 311 crores. In comparison, the Company had Rs 163 crores cash as of March 31, 2023.