Tyre manufacturer Goodyear India Ltd, on Monday, reported a standalone profit of Rs 33.61 crore for the March quarter. This is 93.27 per cent rise from Rs 17.39 crore a year ago, the company statement said.
The company’s consolidated revenue from operation rose by 9.19 per cent to Rs 653 crore for the March quarter as compared to Rs 598 crore in the year-ago period, the company said in a regulatory filing.
In a regulatory filing, the company said, “The board of directors recommended a final dividend of Rs 26.50 per equity share of Rs 10 each, for the financial year ended March 31, 2023.”
"The final dividend, if approved by the members, at the forthcoming annual general meeting scheduled to be held on Wednesday, August 2, 2023 shall be paid within the statutory time limit to those members whose names would appear in the register of members on Wednesday, July 26, 2023," the company said in a BSE filing.
“We have delivered solid revenue and profit growth in the quarter despite a tough business environment marked by continued inflation and high-interest rates. The growth is driven by better demand in OE segment. Decrease in raw material costs, coupled with cost efficiencies, drove higher profitability in the quarter,” said Sandeep Mahajan, chairman & managing director of Goodyear India Ltd.
Indian automakers recorded higher sales in the March quarter as consumers snapped up vehicles ahead of price increases due to implementation of tighter fuel emission norms, which also boosted demand for tyre makers.
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Additionally, rubber prices have softened 3 per cent from the December quarter, and the easing prices were reflected in the company's bottom line.
Goodyear's parent company, however, posted a loss of $101 million during the quarter, with revenue up by a marginal 0.7 per cent.
The company's total expenses grew 5.4% to Rs 610 crore. Goodyear's results were largely in line with larger peers JK Tyre, Apollo Tyres Ltd and MRF Ltd whose profits rose between two- and four-fold in the quarter.
Shares of the company rose 1.82% at Rs 1,280 after the results.
(With inputs from Reuters)