Invest
27 Years
4.4 Star
1 Crore +
Auto Tyres & Rubber Products company Goodyear India announced Q2FY24 & H1FY24 results:
- Q2FY24:
- The company’s Q2FY24 revenue was Rs 695 crore, lower by 10% YoY.
- Q2FY24 profit before tax was Rs 51 crore compared to Rs 36 crore in Q2FY23.
- Profit was higher by 40% YoY due to reduced raw material prices offsetting the lower volume impact.
- H1FY24:
- GIL’s total income for H1FY24 was Rs 1,418 crore, lower by 11% from H1FY23.
- H1FY24 profit before tax was Rs 103 crore compared to Rs 87 crore in H1FY23, an increase of 19% is driven primarily due to reduced Raw material prices offsetting the lower volume impact.
- As of September 30, 2023, the company had a cash & bank balance of Rs 250 crore compared to Rs 163 crore as of March 31, 2023.
- During the year, the company paid a dividend of Rs 26.50 per equity share in August 2023 related to FY23, resulting in an outflow of Rs 61 crore.
- The company has also spent Rs 24 crore in capex during the first half in various expansion and sustaining projects.
Sandeep Mahajan, Chairman & Managing Director of Goodyear India said, “We have increased market share in Consumer Replacement while maintaining our leadership in the Farm segment. We delivered profitable growth of 40% compared to the same period last year, driven by lower raw material cost, coupled with cost-saving initiatives.”
Mahajan added, “Goodyear has been a leader in tire innovation over the last 125 years and has continuously strived to provide top-of-the-line products that align seamlessly with the ever-evolving demands of our customers.”
FAQ’s on Goodyear India Ltd Shares
