Goodyear India income up 131% in Q1FY2022
The Board of Directors of Goodyear India approved the company鈥檚 unaudited results for the first quarter of fiscal 2022. The total income of the company is Rs 540 crore, up 131% versus the previous year. Goodyear鈥檚 profit after tax is Rs 27 crore compared to a loss of Rs 4 crore last year.
Sandeep Mahajan, Chairman and Managing Director of Goodyear India, said, 鈥淐hallenging 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."
鈥淎s the economy reopens after the second wave of Covid-19, we are experiencing stronger demand in key end markets. We鈥檙e focused on capitalising on the improving momentum while continuing to prioritise the health and safety of our associates,鈥� added Mahajan.
Goodyear is one of the world鈥檚 largest tyre companies. It employs about 72,000 people and manufactures its products in 54 facilities in 23 countries around the world. The company strives to develop state-of-the-art products and services that set the technology and performance standard for the industry.
Goodyear India鈥檚 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.
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