Goodyear India Limited Reports First Quarter Fiscal 2022 Results
August 12, 2021
Total income of Rs 540 crore, up 131% versus the previous year
Profit after tax of 27 Crs compared to a loss of 4 Crs last year
Operating results impacted by COVID-19 related lockdowns in several major urban areas
The Board of Directors of Goodyear India Limited today approved the Company’s unaudited results for the first quarter of fiscal 2022.
Mr. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd 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.
As the economy reopens after the second wave of COVID-19, we are experiencing stronger demand in key end markets. We’re focused on capitalizing on the improving momentum while continuing to prioritize the health and safety of our associates,” added Mahajan.
About Goodyear
Goodyear is one of the world’s largest tyre companies. It employs about 72,000 people and manufactures its products in 54 facilities in 23 countries around the world. We strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.
Goodyear India Limited’s presence in India is close to 100 years old, with its manufacturing facility at Ballabgarh, Faridabad and manufactures automotive tyres viz. farm tyres and commercial truck tyres. In the farm segment, the Company is the market leader in Original Equipment segment and supplies to all major tractor companies in India. The Company also trades in passenger car tyres and has been offering technologically advanced products that offer better driving experience to its consumers.