Goodyear India Ltd reported a significant growth in profit after tax at ₹43 crore for the quarter ended March 31, compared to ₹13 crore a year ago.

The improvement was driven by higher volumes, increased factory utilisation and cost efficiencies, according to a company statement.

Revenue from operations stood at ₹569 crore as against ₹375 crore. The increase was driven by robust farm demand, distribution expansion initiatives in consumer replacement business and base effect of Covid in March 2020.

For the year ended March 31, 2021, the company achieved its highest ever PAT in its history. The PAT was ₹136 crore compared to ₹89 crore in FY20, an increase of 53 per cent. Its revenue from operations for FY21 stood at ₹1,792 crore (₹1,746 crore).

Impact of lower volume due to Covid was offset by cost efficiencies and favourable mix.

“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.

He said the company benefitted from its ongoing enhancement of consumer replacement distribution network, particularly in rural markets where the company is creating synergies with its farm business.

“Our distribution initiatives are strengthening our position in the market and helping us build a sustainable business, he added.

The Board declared a final dividend of ₹18 per equity share for FY21. The Board also approved a special dividend of ₹80 per equity share.

As of March 31, 2021, the company had cash & bank balance of ₹597 crore, up from ₹546 crore balance as of March 31, 2020.

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