Goodyear's India unit posts Q3 profit rise as price hikes help

Primarily known as the Goodyear Tyre Shop in Noida & Rubber Company, it is an American multinational tire manufacturing firm, as founded in 1898 by none other than Frank Seiberling. It is mainly based in Akron, Ohio, and this firm is known to manufacture tires for commercial trucks, automobiles, motorcycles, light trucks, SUVs, aeroplanes, race cars, farm equipment and heavy earth-moving machinery.

    

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Tyre manufacturer Goodyear India Ltd on Tuesday reported a 25.5% rise in third-quarter profit on the back of price hikes and growing demand for automobiles in the country.

Indian tyre makers have been helped as raw material prices pulled back from Russia-Ukraine war-induced highs, while demand rose as people bought more cars and other vehicles, or replaced parts like tyres.

Standalone profit for the Oct-Dec period rose to 244.1 million rupees ($2.95 million) from 194.5 million rupees a year ago.  

Revenue rose 13.9% to 6.89 billion rupees, while input costs rose 1.5% to 2.51 billion rupees, the Indian unit of America's Goodyear Tire & Rubber Co said in an exchange filing.

 "The growth is backed by pricing actions and better mix, coupled with cost control measures which also contributed to improvement in operating margins for the quarter," said Goodyear India's Chairman & Managing Director Sandeep Mahajan. 

"Recent decreasing trends in commodity prices auger well for the company," he added. New Delhi-based Goodyear's larger rivals Apollo Tyres , 

JK Tyre & Industries and MRF have all recorded double-digit rise in profits, while CEAT swung to a profit after reporting a loss in the previous year. Sales of passenger vehicles (PV) continue to rise as economic activity picks up, 

The Society of Indian Automobile Manufacturers said on Monday, with data showing a 17% rise in PV sales for January. Goodyear, whose biggest customers are passenger vehicle makers, also supplies tyres to major tractor manufacturers.

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