Goodyear India Q4 results: PAT jumps over threefold to Rs 43 crore

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MUMBAI: Tyre maker Goodyear India on Thursday reported over threefold leap in its revenue after tax (PAT) to Rs 43.22 crore for the March 2021 quarter.

The firm had posted a revenue after tax of Rs 12.70 crore within the fourth quarter of the monetary 12 months 2019-20, in accordance to the corporate’s steadiness sheet.

Its total income throughout January-March 2021 jumped 50 per cent to Rs 574.49 crore, in contrast with Rs 383.02 crore within the year-ago interval. It was pushed by a strong farm demand, distribution growth initiatives in client substitute enterprise and base affect of COVID-19 in March 2020,

Ltd (GIL) mentioned.

For the total monetary 12 months 2020-21, the corporate delivered the highest-ever PAT in at Rs 136.26 crore, up 53 per cent as in contrast with Rs 88.84 crore posted a 12 months in the past.

The affect of decrease quantity due to COVID-19 was offset by price efficiencies and beneficial combine, the corporate mentioned.

The agency’s complete earnings in full 2020-21 stood at Rs 1,814.29 crore, a two per cent improve over the Rs 1,780.74 crore within the monetary 12 months ended March 2020, it said.

Goodyear India Chairman and Managing Director Sandeep Mahajan mentioned, “We benefited from our ongoing enhancement of our consumer replacement distribution network, particularly in rural markets where we are creating synergies with our farm business.”

He added that the corporate’s distribution initiatives are strengthening its place out there and serving to it construct a sustainable enterprise.

The monetary efficiency additionally displays rising momentum within the farm section pushed by a resurgence in rural demand and its wonderful merchandise and customer support, he mentioned.

“While we expect to continue advancing our strategic priorities in FY22, safeguarding our associates and helping our communities overcome COVID-19 remain our top priorities,” added Mahajan.

As of March 31, 2021, the corporate had money and financial institution steadiness of Rs 597 crore as in opposition to Rs 546 crore money at March 31, 2020.

(*43*) the 12 months, the corporate had declared an interim dividend of Rs 80 per fairness share in December 2020, leading to outflow of Rs 185 crore, it added.

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