Tyre maker Goodyear India on Thursday reported over threefold jump in its profit after tax (PAT) to Rs 43.22 crore for the March 2021 quarter.
The company had posted a profit after tax of Rs 12.70 crore in the fourth quarter of the financial year 2019-20, according to the company's balance sheet.
Its total income during January-March 2021 jumped 50 per cent to Rs 574.49 crore, compared with Rs 383.02 crore in the year-ago period. It was driven by a robust farm demand, distribution expansion initiatives in consumer replacement business and base impact of COVID-19 in March 2020, Goodyear India Ltd (GIL) said.
For the full financial year 2020-21, the company delivered the highest-ever PAT in at Rs 136.26 crore, up 53 per cent as compared with Rs 88.84 crore posted a year ago.
The impact of lower volume due to COVID-19 was offset by cost efficiencies and favourable mix, the company said.
The firm's total income in full 2020-21 stood at Rs 1,814.29 crore, a two per cent increase over the Rs 1,780.74 crore in the financial year ended March 2020, it stated.
Goodyear India Chairman and Managing Director Sandeep Mahajan said, "We benefited from our ongoing enhancement of our consumer replacement distribution network, particularly in rural markets where we are creating synergies with our farm business." He added that the company's distribution initiatives are strengthening its position in the market and helping it build a sustainable business.
The financial performance also reflects increasing momentum in the farm segment driven by a resurgence in rural demand and its excellent products and customer service, he said.
"While we expect to continue advancing our strategic priorities in FY22, safeguarding our associates and helping our communities overcome COVID-19 remain our top priorities," added Mahajan.
As of March 31, 2021, the company had cash and bank balance of Rs 597 crore as against Rs 546 crore cash at March 31, 2020.
During the year, the company had declared an interim dividend of Rs 80 per equity share in December 2020, resulting in outflow of Rs 185 crore, it added.