India
Tyre maker Goodyear India reported 131% increase in the income in the first quarter of 2021-22 compared to the previous year. Similarly, it registered a profit after tax of Rs 0.27 billion as against a loss of Rs.0.04 billion last year.
Sandeep Mahajan, Chairman & Managing Director, Goodyear India Ltd said that, challenging economic conditions persisted during the quarter, limiting the recovery in industry demand and unexpected COVID-19 related lockdowns in several major urban areas further restricted demand, particularly in the consumer OE segment. Despite this difficult environment, the consumer businesses delivered solid growth and the company generated higher earnings in the farm business, reflecting strong execution and a leading market position.
He added that as the economy reopens after the second wave of COVID-19, they are experiencing stronger demand in key end market and are focused on capitalizing on the improving momentum while continuing to prioritize the health and safety of the associates.
Goodyear is one of the world’s largest tyre companies. Goodyear India Limited’s presence in India is close to 100 years old, with its manufacturing facility at Ballabgarh, Faridabad and manufactures automotive tyres viz. farm tyres and commercial truck tyres. In the farm segment, the company is the market leader in Original Equipment segment and supplies to all major tractor companies in India.
Source: Goodyear Press Release
Image Source: Google Images
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