Goodyear India - Healthy Prospects, Sound Financials: ICICI Direct
Goodyear tyre store exterior (Photo: BloombergQuint)  

Goodyear India - Healthy Prospects, Sound Financials: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Goodyear India Ltd. has performed reasonably well, thus far in nine-months of FY21 in spite of the Covid-19 disruption.

On a year-to-date basis, net sales are down approximately 11% YoY (Q2 FY21, Q3 FY21 growth at 6.0%, 20.7% YoY, respectively).

Margins, however, are higher by ~400 basis points YoY to 12.2% (includes multi-year high readings of 15.3% and 14.5% in Q2 FY21 and Q3 FY21, respectively).

Consequent nine months FY21 profit after tax is higher by 22.5% YoY to Rs 93 crore despite loss after tax of Rs 4.5 crore in Q1 FY21.

The company also declared an all-time high interim dividend of Rs 80 per share in December 2020.

Click on the attachment to read the full report:

ICICI Direct GoodyearIndia Company Update.pdf

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