Latest News | Goodyear India Q2 Profit Falls 20 Pc at Rs 39 Cr

New Delhi, Nov 11 (PTI) Tyre maker Goodyear India on Thursday reported 20.4 per cent decline in profit after tax (PAT) at Rs 39 crore for the second quarter ended September 30, 2021.

The company had posted a PAT of Rs 49 crore in July-September period of previous fiscal year.

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Total income, however, rose to Rs 705 crore in the second quarter as compared with Rs 487 crore in the year-ago period, Goodyear India said in a regulatory filing.

The company said its PAT during the period under review was impacted primarily due to higher raw material cost. This factor was partially offset by higher volumes and lower incremental overheads, it added.

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"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," Goodyear India Chairman and Managing Director Sandeep Mahajan noted.

In addition to the volume benefits, the economic recovery is contributing to the industry's cost pressures, he added.

"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," Mahajan stated.

Goodyear is one of the world's largest tyre companies. It employs about 72,000 people and manufactures its products in 55 facilities in 23 countries around the world.

In India, the company has two plants, one each in Ballabgarh and Aurangabad. PTI MSS

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)