Goodyear’s PAT Slides To Rs. 17 Cr Despite Total Revenue Of Rs. 603 Cr In Q4 FY22
The overall business environment remains challenging. We’re focused on offsetting high inflation with pricing and cost actions, expanding our distribution, and capturing opportunities for driving profitable growth, says Sandeep Mahajan, Chairman & Managing Director of Goodyear India.
Tire & rubber manufacturing company, Goodyear India has announced results for the fourth quarter of the fiscal year 2022.
For the year ended March 31, 2022, the company’s total revenue in fourth quarter stands at Rs. 603 crore, up by 5 percent from a year ago.
Gross margin was negatively impacted by the higher cost of goods sold due to increased raw material prices across all categories, Goodyear reported. Other expenses were impacted by a steep rise in fuel prices.
Profit after tax (PAT) stands at Rs. 17 crore in quarter 4 of FY22 as against Rs. 43 crore in the quarter ended on March 31, 2021, with a decrease of 60 percent.
PAT as a percentage of revenue was 2.9 percent, down from 7.5 percent in the same period last year.
Financial Year 2021-22 Results
The company’s total revenue for the financial year 2021-22 stands at Rs. 2,459 crore with a 36 percent increase compared to the previous financial year.
Profit after tax (PAT) remains at Rs. 103 crore compared to Rs. 136 crore a year ago. The company witnessed a decrease of 24 percent.
As of March 31, 2022, the Company had a cash & bank balance of Rs. 390 crore, in comparison, the Company had Rs. 597 crore cash as of March 31, 2021.