Goodyear India Limited Reports Fourth Quarter 2020-21 Results

The Board of Directors of Goodyear India Limited today approved the Company's unaudited results for the fourth quarter and audited results for financial year 2020-21.

Key highlights for the fourth quarter are:

- Total income increased 50% to Rs 574 crore

- Volumes improved throughout the quarter driven by record consumer replacement volume and a robust rural demand

- Record fourth-quarter Profit After Tax (PAT) of Rs 43 crore

"We benefitted from our ongoing enhancement of our consumer replacement distribution network, particularly in rural markets where we are creating synergies with our farm business. Our distribution initiatives are strengthening our position in the market and helping us build a sustainable business. Our results also reflect increasing momentum in the Farm Segment driven by a resurgence in rural demand and our excellent products and customer service" said Sandeep Mahajan, Chairman and Managing Director.

"While we expect to continue advancing our strategic priorities in fiscal 2022, safeguarding our associates and helping our communities overcome Covid remain our top priorities," added Mahajan.

Q4 Results

The Company's fourth-quarter total income were Rs 574 crore, up 50% from a year ago. The increase was driven by robust Farm demand, our distribution expansion initiatives in Consumer Replacement business and base impact of Covid in March 2020.

Fourth-quarter profit after tax were Rs 43 crore compared to Rs 13 crore a year ago, an increase of 240%. The improvement was driven by higher volumes, increased factory utilization and cost efficiencies. PAT as % of sales were 7.6% compared to 3.4% in same period last year.

Financial Year 2020-21 Results

GIL's total income for the financial year 2020-21 were Rs 1,814 crore, a 2% increase from the same last year, in-spite of the Covid impact.

FY 2020-21, profit after tax were highest ever in the history of company. PAT was Rs 136 crore compared to Rs 89 crore a year ago, an increase of 53%. Impact of lower volume due to Covid was offset by cost efficiencies and favorable mix.

Cash performance

As of March 31, 2021, the Company had Cash & bank balance of Rs 597 crores. In comparison, the Company had Rs 546 crores cash at March 31, 2020. During the year, the Company had declared an Interim Dividend of Rs 80 per equity share in December 2020, resulting in outflow of Rs 185 crores.

Shares of GOODYEAR INDIA LTD. was last trading in BSE at Rs.930 as compared to the previous close of Rs. 940.3. The total number of shares traded during the day was 6947 in over 717 trades.

The stock hit an intraday high of Rs. 949.9 and intraday low of 913. The net turnover during the day was Rs. 6499748.

Source : Equity Bulls

Keywords