Rs 26/Share Special Dividend: Tyremaker Declares Dip In Q3 Profit, Jumps 6.24% In 1-Week

Small cap company from the Tyres & Rubber Products, Goodyear India Ltd shares rallied 6.24% in last 1-week as the company declared special interim dividend of Rs 26.00/- per equity share of the face value of Rs 10/- each. Last trading price of Goodyear India shares is quoted at Rs 1428.45 apiece on BSE.

Goodyear India declared its revenue at Rs 597 crore, down 14% year-on-year (YoY). The company's profit before tax declared at Rs 30 crore as compared to Rs 33 crore in the corresponding quarter of last year. Check details below:

Goodyear India Declares Special Dividend: As per the regulatory filing of the leading tiremaker dated February 2, 2024, "Pursuant to Regulation 30 of the SEBI LODR, 2015, the Board considered and declared special interim dividend of Rs. 26.00/- per equity share of face value of Rs. 10/- each, for the Financial Year 2023-24. The special Interim Dividend shall be paid within the statutory time limit and the Record Date for the purpose of determining the entitlement of the Members for the special interim dividend has been fixed as February 12, 2024, already intimated on January 25, 2024 for the purpose."

Goodyear Q3 Results: According to the company, the impact was due to reduced volume, which was partially offset by reduced raw material prices. GIL's total income year to date 2023-24 were Rs 2,014 crore, lower by 12% from the same period last year primarily driven by lower sales due to subdued demand, according to the company's BSE filing.

Year to date profit before tax was Rs 133 crore compared to Rs 120 crore a year ago, increase of 11% is driven primarily due to reduced Raw material prices offsetting the lower volume impact. As of Dec 31, 2023, the Company had Cash & bank balance of Rs 295 crores. In comparison, the Company had Rs 163 crores cash as of March 31, 2023.

Sandeep Mahajan, Chairman & Managing Director of Goodyear India Ltd said, "We witnessed a significantly weak quarter in Farm segment with tractor industry recording substantial YoY degrowth. Being a leading player in Farm Tyres, our YoY volumes de-grew accordingly, impacting our Revenue and Profitability. We continue to maintain leadership in the Farm segment. The Consumer Replacement industry also witnessed subdued demand, including the festival season, resulting into lower-than-expected volumes. Goodyear is a key player in Farm and Consumer replacement segments."

Goodyear India Stock Performance & Return: The 52-week high price of Goodyear India shares on BSE is quoted at Rs 1451.10 apiece and 52-week low price is quoted at Rs 1017. 10 apiece, respectively. The company has a market capitalisation of Rs 3,294.94 crore, as per BSE data. Goodyear India shares surged over 11% in last 3-months, gained 48% in last 2-years, and offered rally of 50% in last 3-years. In last 5-years, Goodyear India stock surged 58% and rose 299% in last 10-years.

Goodyear India About: The company is named in honour of Charles Goodyear, who discovered the rubber vulcanization process in 1839. The company makes horseshoe pads, bicycle and carriage tyres, sealing rings for canning, fire hose and even rubber poker chips, according to its official website.

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