The Board of Directors of Goodyear India Ltd. has approved the company’s unaudited results for the fourth quarter and audited results for financial year 2020-21.
The key highlights of the company’s performance in Q4 FY21 include:
- Total income increased 50% to Rs. 574 crore
- Volumes improved throughout the quarter driven by record consumer replacement volume and a robust rural demand
- Record fourth-quarter Profit After Tax (PAT) of Rs. 43 crore
“We benefited 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”, said Sandeep Mahajan, Chairman and Managing Director, Goodyear India.
“While we expect to continue advancing our strategic priorities in fiscal 2022, safeguarding our associates and helping our communities overcome Covid remain our top priorities,” added Mahajan.
Q4 Results
The company’s fourth-quarter total income was Rs. 574 crore, up 50% from a year ago. The increase was driven by robust farm demand, our distribution expansion initiatives in Consumer Replacement business and base impact of Covid in March 2020.
Fourth-quarter profit after tax were Rs. 43 crore compared to Rs. 13 crore a year ago, an increase of 240%. The improvement was driven by higher volumes, increased factory utilization and cost efficiencies. PAT as % of sales were 7.6% compared to 3.4% in same period last year.
FY 2020-21 Results
GIL’s total income for the financial year 2020-21 was Rs. 1,814 crore, a 2% increase from the same last year, in-spite of the Covid impact.
FY 2020-21, profit after tax was the highest ever in the history of the company. PAT was Rs. 136 crore compared to Rs. 89 crore a year ago, an increase of 53%. Impact of lower volume due to Covid was offset by cost efficiencies and favorable mix.