Goodyear India Ltd has announced results for the fourth quarter of fiscal year 2023. The growth is driven by better demand in OE segment. Decrease in raw material costs, coupled with cost efficiencies, drove higher profitability in the quarter.
Sandeep Mahajan, Chairman & Managing Director, Goodyear India Ltd said, "We have delivered solid revenue and profit growth in the quarter despite a tough business environment marked by continued inflation and high interest rates." And further added, "While near-term concerns around the macro environment remain, in future we continue to expect improving raw material cost trends."
Highlights of Q4 Results
- The company's fourth quarter revenue was Rs 656 crore, a 9 per cent increase from the previous year.
- Fourth quarter profit before tax (PBT) was Rs 46 crore compared to Rs 23 crore in the year before. Year-over-year profit was higher due to better sales mix and price realisation, along with lower operating costs
Financial Year 2022-23 Results
- The company's total revenue for the financial year 2022-23 was Rs 2,944 crore, a 20 per cent increase compared to the previous year, driven by higher volumes and better price realisation.
- FY 2022-23, profit before tax was Rs 165 crore compared to Rs 138 crore in the previous year, driven by higher volumes with better mix and lower overheads.
Cash Performance
As of March 31st, 2023, the company had cash and bank balance of Rs 163 crore. In comparison, the Company had Rs 390 crore cash as of March 31st, 2022. During the year, the Company has paid dividend of Rs 20 per equity share and a special dividend of Rs 80 per equity share, totaling to Rs 100 per equity share of a face value of Rs 10 each, related to FY 2021-22, resulting in outflow of Rs 231 crore. Capex spent during the year is Rs 121 crore.
Dividend
The Board of Directors has recommended a total dividend of Rs 26.50 per equity share of Rs. 10 each for the financial year 2022-2023, subject to approval of the members at the ensuing Annual General Meeting of the company.