Auto Tyres & Rubber Products firm Goodyear India announced Q3FY23 results: Q3FY23: The company’s third quarter revenue was Rs 693 crore, up 13% from a year ago. Third quarter profit before tax (PBT) was Rs 33 crore compared to Rs 27 crore in the prior year. PBT margin improved to 4.8% compared to 4.3% in PY. Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “We registered double-digit percentage growth both in revenue and profit before tax. The growth is backed by pricing actions and better mix, coupled with cost control measures which also contributed to improvement in operating margins for the quarter.” “We continue to closely monitor the uncertain global environment and take proactive risk mitigation actions. We continue to focus on building distribution and leveraging our global portfolio to offer best in class products for consumers. Recent decreasing trends in commodity prices auger well for the company,” added Mr. Mahajan. Result PDF
Auto tyres & rubber firm Goodyear India announced Q2FY23 results: Q2FY23: The company’s second-quarter revenue was Rs 772 crore, up 9% from a year ago. The second quarter profit before tax (PBT) was Rs 36 crore compared to Rs 53 crore in the prior year. YoY profit was impacted by lower volumes and higher operating costs driven by inflation. H1FY23: GIL’s total income in H1 is Rs 1,595 crore, a 28% increase compared to the previous year, driven by higher volumes and better pricing. H1 profit before tax was Rs 87 crore compared to Rs 89 crore in the previous year, despite the high inflationary environment Cash Performance: As on Sep 30, 2022, the company had a cash & bank balance of Rs 237 crore compared to Rs 390 crore as of Mar 31, 2022. During the year, the company paid a dividend of Rs 100 per equity share in August 2022 related to FY 2021-22, resulting in an outflow of Rs 230 crore. The company has also spent Rs 54 crore in capex during H1 in various expansion and sustaining projects. Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “The overall business environment remains challenging. Macro headwinds of higher crude prices, rupee depreciation and increase in feedstock prices have contributed to elevated raw material, energy and freight costs, negatively impacting margins. Despite a difficult macro environment, we have delivered 9% year-over-year topline growth on the back of pricing actions to offset inflationary pressures.” “While near-term concerns around the macro environment remain, recent softening of commodity prices augurs well for the future. We’re focused on offsetting high inflation with pricing and cost actions, expanding our distribution, and capturing opportunities for driving profitable growth” added Mr. Mahajan. Result PDF
Auto-components manufacturer Goodyear India announced Q1FY23 results: The company’s first quarter revenue was Rs 823 crore, up 53% from a year ago. Profit before tax at Rs 50 crore registering 40% growth. PBT margin was marginally lower at 6.1% compared to 6.7% in PY First quarter profit after tax (PAT) was Rs 38 crore, an increase of 40% compared to Rs 27 crore in the prior year. Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “The overall business environment remains challenging. Inflation persists at higher level due to continuous increase in commodity prices coupled, rising crude and rupee depreciation, impacting discretionary consumption and leading to downtrading. Despite tough macro environment, we have delivered 53% YoY topline growth on the back of higher volumes coupled with pricing actions to offset inflationary pressure. Consumer replacement business led the volume growth while Farm continues to deliver steady performance. Higher volumes, coupled with tighter cost management has resulted into 40% YoY increase in bottomline,” “While near term concerns around the macro environment remains, recent softening of commodity prices, good initial monsoon and measures taken by government augers well for the future” added Mr. Mahajan Result PDF
Auto Tyres & Rubber Products company Goodyear India declares Q4FY22 result: Revenue in Q4’22 is Rs 603 crore, up 5% compared to Q4’21. Profit after tax of Rs 17 crore. Revenue in FY 21-22 is Rs 2,459 crore, up 36% compared to FY 20-21. Profit after tax of Rs 103 crore. The company’s fourth-quarter total revenue was Rs 603 crore, up 5% from a year ago. Gross Margin was negatively impacted by higher cost of goods sold (+10%) due to increased raw material prices across all categories. Other expenses were impacted by a steep rise in fuel prices. Fourth quarter profit after tax (PAT) was Rs 17 crore, a decrease of 60% compared to Rs 43 crore in the prior year. PAT as a percentage of revenue was 2.9%, down from 7.5% in same period last year. The company’s total revenue for the financial year 2021-22 were Rs 2,459 crore, a 36% increase from the same last year. FY 2021-22, profit after tax were Rs 103 crore compared to Rs 136 crore a year ago, a decrease of 24%. Gains from higher volume and pricing was offset by increased raw material cost across all categories and a steep rise in fuel prices. Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, “The overall business environment remains challenging. We’re focused on offsetting high inflation with pricing and cost actions, expanding our distribution, and capturing opportunities for driving profitable growth.” “Despite the demand impact from the most recent Omicron wave, our consumer replacement business continues to perform well with steady yearover-year growth, leveraging the strength of the Goodyear brand and our industry-leading products,” added Mahajan While our value proposition for farm tires also remains strong, demand was impacted in the quarter.” Result PDF
Auto Tyres & Rubber Products company Goodyear India declares Q3FY22 result: Total Revenue of Rs 612 crore, up 18% compared to third quarter 2021 Third quarter profit after tax of Rs 19 crore, down from third quarter last year of 49 crore on higher commodity prices The Company’s third-quarter total Revenue was Rs 612 crore, up 18% from a year ago. Gross Margin was negatively impacted by 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 percentage of sales was 3.2%, down from 9.4% in same period last year. Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd 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 prioritize the health and safety of our associates,” added Mahajan. Result PDF