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Goodyear India Limited (GIL), one of India’s largest tyre manufacturers has recently announced its quarterly and yearly result for the financial year 2020-21. Following are the major points from the unaudited results approved by the Board of Directors of Goodyear India Limited yesterday.
- Over 50% increase in the total income that stands at INR 574 crore
- The company posted a record fourth-quarter Profit After Tax (PAT) of INR 43 crore
- The volume of demand in the fourth quarter was bolstered by massive consumer replacement volume and robust demand from rural areas
The main reasons for the improvement in the results were higher volumes, increased factory utilization and cost efficiencies. Moreover, GIL’s total income for 2020-21 was INR 1,814 crore, up by 2% from the last year despite the major part of the year being marred by COVID related lockdowns. The company recorded the highest PAT in its history. PAT was INR 136 crore, up by 53% from last year.
When it comes to cash, GIL is sitting on a healthy cash balance of about 600 crores as of March 31, 2021. The company has also declared an interim dividend of INR 80 per equity share in addition to a special dividend of INR 18 per equity share.
Speaking on the results, Sandeep Mahajan, Chairman and Managing Director, GIL, said that the company has benefited from their ongoing efforts aiming at enhancing their consumer replacement distribution network, especially in the rural areas where the company is focusing on creating synergies in its farm business. He further lauded the efforts, saying that the company is taking initiatives to strengthen its position and build a sustainable business. The Farm Segment is doing great for Goodyear India because of a resurgence in rural demand and the excellent customer service that the company offers to its distributors and customers.
Mr. Mahajan reiterated the fact that Goodyear will continue to work towards its strategic priorities in the current fiscal year 2022. He further added that safeguarding the interests of associates and helping communities in this COVID scenario will be the top priority for the company.
About Goodyear:
With an employee strength of over 62,000 across the world, Goodyear Tire & Rubber factory is one of the world’s oldest and largest tyre makers. The company has manufacturing units in over 20 countries across the globe, with two innovation centres in the USA and Luxembourg. In India, Goodyear has had a presence since 1920 and is a market leader in the OEM segment to almost all major tractor manufacturers.
