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Goodyear India Q2 revenue increases 45% yoy to Rs705cr; Stock up 1%

Solid volume growth of 40% yoy driven by Consumer Replacement business.

November 11, 2021 3:23 IST | India Infoline News Service
The Board of Directors of Goodyear India Limited today approved the Company's unaudited results for the second quarter of fiscal 2022.

Key Highlights:
  • Total income of Rs705cr, up 45% versus the previous year
  • Solid volume growth of 40% yoy driven by Consumer Replacement business
  • Profit after tax of Rs39cr compared to Rs49cr last year, primarily reflecting the impact of higher raw material costs
Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, "We continue to see robust demand across all product categories as India's economy regains momentum. Against this backdrop, our farm and consumer businesses delivered solid results, supported by expanded distribution and our strong OE position."

"In addition to the volume benefits, the economic recovery is contributing to the industry's cost pressures. In this inflationary environment, we're leveraging the strength of the Goodyear brand and our industry-leading products. Capturing more of this value in the marketplace helped us improve our profitably sequentially despite a significant increase in raw material costs," added Mahajan.

At around 3:24 PM, Goodyear India was trading at Rs1,029.50 apiece up by Rs10.95 or 1.08% on Sensex.

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