GOODYEAR.NSEGoodyear India Ltd.
GOODYEAR.NSE
Goodyear India Ltd.33
Goodyear India’s first-quarter profit falls on weak auto demand
Tyremaker Goodyear India reported a 43.6% fall in first-quarter profit on Monday, hurt by dampened automobile demand. The net profit of U.S.-based Goodyear Tire’s Indian unit fell to 141.1 million rupees ($1.61 million) for the three months ended June 30, from 250.3 million rupees a year ago. Goodyear India, which sells tyres, tubes and flaps, depends on auto sales for a large part of its revenue. Total vehicle sales in the country fell 5.1% in the quarter ending June, compared to 16.4% growth in the same period last year, according to Society of Indian Automobile Manufacturers data. The tyremaker’s revenue from operations fell 5.1% to 6.56 billion rupees. The company said that increasing adoption of larger rim sizes in vehicles is expected to drive robust sales in the replacement business this year in its latest annual report. Indian equity benchmarks to open higher; US tariffs continue to weigh Total expenses fell 3% to 6.42 billion rupees, but not enough to boost the bottom line. Rival CEAT reported a fall in June-quarter profit, while MRF is yet to report its quarterly results.
cityfalcon.com·8mo ago
Relief for Goodyear India: CESTAT Rules Services Rendered Outside India by Foreign Agents Not Taxable Under Reverse Charge
CESTAT rules that services rendered and received entirely outside India by foreign agents are not taxable under reverse charge in India
cityfalcon.com·9mo ago
Tyremaker Goodyear India posts quarterly profit on higher replacement demand
Tyremaker Goodyear India reported a profit in the fourth quarter on Tuesday, as higher replacement demand for tyres offset the impact of higher rubber prices. U.S.-based Goodyear Tire’s Indian unit posted a profit of 48.7 million rupees ($570,578) for the three months ended March 31 against a loss of 42.1 million rupees a year ago. Goodyear India supplies tyres to BMW and Toyota among others and depends on automakers’ sales for a major chunk of its revenue. Total vehicle sales in India rose 1.8% year-over-year in the reported quarter but analysts said that demand for replacing old or worn out tyres sustained. Rival CEAT missed its quarterly profit estimates last month, while MRF beat estimates. Goodyear India’s revenue from operations rose 9.5% to 6.03 billion rupees, compared to a 15.6% fall last year. Its total expenses grew 7.2%, led by a 28.7% rise in cost of materials consumed. The company had expected a pick up in replacement demand, which is cyclical in nature, in the fiscal year ending March.
cityfalcon.com·10mo ago
Goodyear plans to offload farm tyre business in India
Goodyear Tire and Rubber is considering selling its farm tyre business in India, following the sale of its OTR business to Yokohama. The US parent company is working with advisors to explore a potential sale, valuing the Indian farm business at ₹2,500-2,700 crore. Goodyear India, with a ₹2,114.97 crore market capitalization, has a 74 per cent parent company stake.
cityfalcon.com·1y ago
APPOINTMENT OF ARVIND BHANDARI AS CHAIRMAN AND MANAGING DIRECTOR OF GOODYEAR INDIA
SHANGHAI , Jan. 15, 2025 /PRNewswire/ -- Goodyear is pleased to announce the appointment of Arvind Bhandari as Chairman and Managing Director of Goodyear India, effective January 2, 2025 . Based in Delhi , Mr. Bhandari will oversee the company's India business operations, driving strategic initiatives to strengthen Goodyear's market position and deliver sustainable growth. Mr. Bhandari is a seasoned business leader with extensive experience spanning sales, marketing, and general management roles across India , Africa , and Switzerland . He has worked with leading Indian and global multinationals such as ITC, Pepsi, and Nestlé. During his tenure at Nestlé, Mr. Bhandari successfully led business transformations, accelerated growth, and implemented sustainability-driven initiatives while restructuring operations for overall P&L delivery. Most recently, he led Nestlé's Eastern Africa business, achieving sustainable and profitable growth through strategic restructuring. Arvind Bhandari, Chairman and Managing Director, Goodyear India Mr.
cityfalcon.com·1y ago
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