Goodyear India Ltd. reported results for the second quarter of fiscal year 2025. Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd. said, “Our Company continues to enjoy significant market share with farm OEMs. The farm industry has seen modest recovery after facing a downturn in the previous financial year. With an above-normal monsoon this year and a promising outlook for the Rabi season supported by hike in Minimum Support Prices, we expect continued growth in the rural economy over the coming quarters.”
Mahajan added, “In the Consumer Replacement business, we are strategically repositioning our brand in the premium segment with a focus on Luxury, SUV, and EV. This is being done through new product launches by
leveraging our global product portfolio, together with calibrated pricing action in the market.”
Q2 Results
The company’s second quarter revenue was Rs 687 crore, lower by 1% from a year ago. Second quarter profit before tax (PBT) was Rs 21 crore compared to Rs 51 crore in the prior year. Year-over-year profit was lower due to reduction in volume, raw material inflation and EPR.
Half Year 2024-25 Results
GIL’s total income for the Half year 2024-25 were Rs 1,382 crore, lower by 3% from the same period last year.
Half year 2024-25, profit before tax was Rs 55 crore compared to Rs 103 crore a year ago, lower by 47%, driven primarily due to lower volume and raw material inflation.
Cash Performance
As on September 30, 2024, the Company had Cash & bank balance of Rs 198 crores compared to Rs 124 crores as of March 31, 2024. During the year, the Company had paid Dividend of Rs 15 per equity share in August 2024 related to FY 2023-24, resulting in outflow of Rs 35 crores.
Corporate Governance Award
Mahajan further mentioned, “I am pleased to announce that Goodyear India Ltd. has been recognized with the Golden Peacock Award for Excellence in Corporate Governance for the year 2024”.