Goodyear India Registers Net Profit Worth Rs. 27 Crore In Q1 FY2022

Tyre major Goodyear India Limited has reported its financial results for the first quarter of FY2022. The company's total income stood at Rs. 540 crore, recording a growth of 131 per cent in Q1 FY2022 as compared to the same quarter last year. Goodyear India also reported a profit after tax (PAT) of Rs. 27 crore in Q1 FY2022 as compared to a of Rs. 4 crore it witnessed in Q1 FY2021. The company has recorded a strong growth riding the back of pent up demand after the lockdown.

Goodyear India has also witnessed strong demand in replacement market.

Sandeep Mahajan, Chairman & Managing Director of Goodyear India said, "Challenging economic conditions persisted during the quarter, limiting the recovery in industry demand. Additionally, unexpected COVID-19 related lockdowns in several major urban areas further restricted demand, particularly in the consumer OE segment. Despite this difficult environment, our consumer businesses delivered solid growth. We also generated higher earnings in our farm business, reflecting strong execution and our leading market position."

The company says that as the economy reopens after the second wave of COVID-19, it is experiencing stronger demand in key end markets. It is maintaining its focus on capitalising and improving momentum while it continues to prioritise the health and safety of it associates at a time safety is paramount due to the COVID-19 crisis. The company is also experiencing strong demand in the replacement market as well as on the OEM side as sales have picked up both for new cars, as well as in the used car market.