Goodyear India, a leading tyre manufacturer has announced its financial results for Q3 FY2024. The company reported revenue of Rs 597 crore, down 14 percent YoY, while profit before tax came to Rs 30 crore as against Rs 33 crore for the same period last year.
The impact was due to reduced volume, which was partially offset by reduced raw material prices.
Sandeep Mahajan, Chairman & MD, Goodyear India said, “We witnessed a significantly weak quarter in Farm segment with tractor industry with tractor industry recording substantial YoY degrowth. Being a leading player in farm tyres, our YoY volumes de-grew accordingly, impacting our revenue and profitability. We continue to maintain leadership in the farm segment. The consumer replacement industry also witnessed subdued demand, including the festival season, resulting into lower-than-expected volumes. Goodyear is a key player in Farm and Consumer replacement segments.”
He further said that the raw material prices witnessed an increasing trend on sequential basis, impacting the company’s QoQ profitability.
“Our continued focus on cost management and improving product mix partially offset the impact of higher raw material cost and lower volumes. Management is focused on expanding its market presence across all segments and channels through increased distribution and introducing new products.”
