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Goodyear India reports net profit of Rs 103 crore in FY22

Increase in raw material price, steep rise in fuel prices impacted the earnings for the company.

Goodyear

Goodyear India, a leading tyre manufacturer has announced its financial results for Q4 FY2022 and the fiscal 2022.

For Q4 the company reported a revenue of Rs 603 crore, a growth of 5 percent YoY, profit after tax (PAT) of Rs 17 crore, a decrease of 60 percent compared to Rs 43 crore for the same period last year. In FY2022, the company’s revenue came at Rs 2,459 crore, an increase of 36 percent YoY, while PAT was Rs 103 crore (-24%) compared to Rs 136 crore for the same period last year.

The gross margin was negatively impacted by higher cost of goods sold (+10%) due to increased raw material prices across all categories. Other expenses were impacted by a steep rise in fuel prices. 

Sandeep Mahajan, chairman and MD, Goodyear India said, “The overall business environment remains challenging.  We’re focused on offsetting high inflation with pricing and cost actions, expanding our distribution, and capturing opportunities for driving profitable growth. Despite the demand impact from the most recent Omicron wave, our consumer replacement business continues to perform well with steady year-over-year growth, leveraging the strength of the Goodyear brand and our industry-leading products. While our value proposition for farm tires also remains strong, demand was impacted in the quarter.”

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