Goodyear India Registers Threefold Jump In Q4 FY2021 Net Profit

Goodyear India has announced its financial earnings for the Q4 of FY2021. The tyre major recorded over threefold jump in its net profit today in the last quarter of FY2021 at Rs. 43.22 crore, which precisely is a growth of 240.31 per cent compared to Rs. 12.70 crore during the previous quarter in FY2020. The company saw its sales revenue going up by 51.84 per cent at Rs. 569.34 crore in the quarter ended March 2021 when compared to Rs. 374.96 crore in the same period last year. The company has attributed the growth to record consumer replacement volume throughout the quarter and a robust rural demand.

The company has attributed the growth to record consumer replacement volume throughout the quarter.

Sandeep Mahajan, Chairman and Managing Director - Goodyear India said, "We benefitted from our ongoing enhancement of our consumer replacement distribution network, particularly in rural markets where we are creating synergies with our farm business. Our distribution initiatives are strengthening our position in the market and helping us build a sustainable business. Our results also reflect increasing momentum in the farm segment driven by a resurgence in rural demand and our excellent products and customer service."

As far as annual results are concerned, net profit went up by 53.38 per cent at Rs. 136.26 crore in FY2021 as compared to Rs. 88.84 crore during the previous year ending March 2020. Revenue from sales too surged by 2.64 per cent at Rs. 1791.71 crore in the same period as compared to Rs. 1745.57 crore the company recorded a year ago.