Goodyear India Shares Gain Close To 9% As PAT More Than Doubles Sequentially In Q1Fy23

Shares of Goodyear India in trade on August 2, 2022 surged close to 9% intra-day after the company reported better numbers for the June ended quarter of Fy23. The shared at day's high scaled to Rs. 1040 per share as against the previous day's close of 956.45 per share on the NSE. Last at the time of writing this copy at around 9:32 am, its shares traded higher at Rs. 1011, up over 5%.

Total topline came in at Rs. 819 crores up 36.9% QoQ. EBITDA came in at Rs. 60 crores up 79% QoQ with margins at 7.3% up 172
bps QoQ. Consequently, PAT stood at Rs. 37.7 crores vs Rs. 17.4 crores in Q4FY22.

"Company begins the year on healthy note with sequential uptick in margins. Gross margin declined by 425 bps QoQ however
the decline was mitigated by lower employee expense and other expense as a % of sales which were down 120 bps 480 bps QoQ respectively. Outsized operating leverage gains was the key positive surprise from the quarterly results", says ICICI Direct.

Goodyear India enables customers to choose from its range of tubeless tyres or tube type tyres for cars & SUVs. The Company supplies tires to a range of original equipment manufacturers (OEMs).