Auto Tyres & Rubber Products company Goodyear India announced Q2FY24 & H1FY24 results: Q2FY24: The company’s Q2FY24 revenue was Rs 695 crore, lower by 10% YoY. Q2FY24 profit before tax was Rs 51 crore compared to Rs 36 crore in Q2FY23. Profit was higher by 40% YoY due to reduced raw material prices offsetting the lower volume impact. H1FY24: GIL’s total income for H1FY24 was Rs 1,418 crore, lower by 11% from H1FY23. H1FY24 profit before tax was Rs 103 crore compared to Rs 87 crore in H1FY23, an increase of 19% is driven primarily due to reduced Raw material prices offsetting the lower volume impact. As of September 30, 2023, the company had a cash & bank balance of Rs 250 crore compared to Rs 163 crore as of March 31, 2023. During the year, the company paid a dividend of Rs 26.50 per equity share in August 2023 related to FY23, resulting in an outflow of Rs 61 crore. The company has also spent Rs 24 crore in capex during the first half in various expansion and sustaining projects. Sandeep Mahajan, Chairman & Managing Director of Goodyear India said, “We have increased market share in Consumer Replacement while maintaining our leadership in the Farm segment. We delivered profitable growth of 40% compared to the same period last year, driven by lower raw material cost, coupled with cost-saving initiatives.” Mahajan added, “Goodyear has been a leader in tire innovation over the last 125 years and has continuously strived to provide top-of-the-line products that align seamlessly with the ever-evolving demands of our customers.” Result PDF