Goodyear India reports revenue of INR 823 cr for Q1 FY23, Auto News, ET Auto

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 As of June 30, 2022, the company had a cash and bank balance of INR 439 crore. In comparison, it had INR 390 crore cash as of March 31, 2022.
As of June 30, 2022, the company had a cash and bank balance of INR 439 crore. In comparison, it had INR 390 crore cash as of March 31, 2022.

New Delhi: Goodyear India Ltd, a subsidiary of the American multinational tyre manufacturing company, on Monday reported revenue for Q1 FY23 at INR 823 crore, up 53% compared to Q1 FY22. Profit before tax stood at INR 50 crore registering 40% growth, against INR 27 crore in the prior year, the company said in a regulatory filing.

Sandeep Mahajan, Chairman & Managing Director, Goodyear India Ltd, said, “Despite the 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 have resulted in a 40% YoY increase in the bottom line.”

The PBT margin was marginally lower at 6.1% compared to 6.7% in the previous year, due to elevated raw material prices across all categories.

“While near-term concerns around the macro environment remain, recent softening of commodity prices, good initial monsoon and measures taken by government augers well for the future,” Mahajan added.

As of June 30, 2022, the company had a cash and bank balance of INR 439 crore. In comparison, it had INR 390 crore cash as of March 31, 2022.

It spent INR 34 Crore in Capex during the quarter on various expansion and sustaining projects, the filing added.

Apollo launched for the Indian market on Monday the Amperion range of tyres for the PV segment, and WAV range for two-wheelers.