Goodyear India surges ~6% on exceptional Q1FY23 growth numbers

2 Aug 2022 , 02:57 PM

Goodyear India Limited reported its results for the first quarter of the fiscal year 2023. The company’s first-quarter revenue stood at Rs823 crore, up 53% on a y-o-y basis.

PBT margin was marginally lower at 6.1% compared to 6.7% in PY, due to increased raw material prices across all categories.

The company stated that it continues to focus on tight cost management to offset macro headwinds.

Company reported first quarter Profit After Tax (PAT) of Rs38 crore, logging an increase of 40% yoy, as compared to Rs27 crore in the previous corresponding quarter. While Profit before Tax (PBT) was reported at Rs50 crore.

Managing Director & Chairman Sandeep Mahajan, expressed, “overall business environment poses great challenges for the company. Due to continuous increases in commodity prices, and other contributing factors, inflation persists at higher levels. Despite multiple headwinds, we managed to deliver 53% yoy growth in Revenue on the back of higher volumes coupled with pricing actions to offset inflationary pressure.”

As of June 30, 2022, the Company reported a Cash & bank balance of Rs439 crore.

At around 2.56 PM, Goodyear India was trading at Rs1,008.05 up by Rs52.05 or 5.44% from its previous closing of Rs956 on the BSE. The scrip touched intraday high and low of Rs1,051 and Rs1,001.55 respectively.