Goodyear India, a number one tyre producer has introduced its monetary outcomes for This fall FY2022 and the fiscal 2022.
For This fall the corporate reported a income of Rs 603 crore, a progress of 5 p.c YoY, revenue after tax (PAT) of Rs 17 crore, a lower of 60 p.c in comparison with Rs 43 crore for a similar interval final 12 months. In FY2022, the corporate’s income got here at Rs 2,459 crore, a rise of 36 p.c YoY, whereas PAT was Rs 103 crore (-24%) in comparison with Rs 136 crore for a similar interval final 12 months.
The gross margin was negatively impacted by greater price of products bought (+10%) as a consequence of elevated uncooked materials costs throughout all classes. Other bills have been impacted by a steep rise in gasoline costs.
Sandeep Mahajan, chairman and MD, Goodyear India mentioned, “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 year-over-year growth, leveraging the strength of the Goodyear brand and our industry-leading products. While our value proposition for farm tires also remains strong, demand was impacted in the quarter.”
Source: www.financialexpress.com”