Q2 Result: Goodyear India Profit Falls 20 Percent To 39 Crore
Published On 12-Nov-2021
The company had posted a net profit of Rs 49 crore in the same period of previous fiscal year.
Goodyear India has reported a 20.4 percent decline in consolidated net profit at INR 39 crore for the second quarter ended September 30, 2021.
The company had posted a net profit of Rs 49 crore in the same period of previous fiscal year.
The factory was partially offset by higher volumes and lower incremental overheads, Goodyear India said in a release.
The total income rose to Rs 705 crore in the second quarter, up 75 percent as compared to Rs 487 crore in the year-ago period.
Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, "We continue to see robust demand across all product categories as India's economy regains momentum. Against this backdrop, our farm and consumer businesses delivered solid results, supported by expanded distribution and our strong OE position."
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"In addition to the volume benefits, the economic recovery is contributing to the industry's cost pressures. In this inflationary environment, we're leveraging the strength of the Goodyear brand and our industry-leading products. Capturing more of this value in the marketplace helped us improve our profitably sequentially despite a significant increase in raw material costs," added Mahajan.
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