Goodyear India Q4 net loss at Rs 4.2 cr on weak demand for tractors, trucks
The Indian unit of U.S.-based Goodyear Tire's standalone net loss stood at Rs 4.21 crore ($506,606.34) for the three months to March 31 from a profit of Rs 33.61 crore a year earlier
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Larger peers MRF and CEAT posted a decline in fourth-quarter profits.
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Tyremaker Goodyear India on Monday reported a fourth-quarter loss as sales of commercial vehicles like tractors and trucks dipped, and customers also put off refurbishing their vehicles.
The Indian unit of U.S.-based Goodyear Tire's standalone net loss stood at Rs 4.21 crore ($506,606.34) for the three months to March 31 from a profit of Rs 33.61 crore a year earlier.
KEY CONTEXT
Commercial vehicle sales in India dipped 3.8% year-over-year in the March quarter, per industry data. Ancilliary companies benefit from strong automobile demand but Goodyear India said that it has a "substantial share" of business with farm equipment-makers. Tractor sales in the quarter were weak because of weak agricultural yield.
Larger peers MRF and CEAT posted a decline in fourth-quarter profits.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: May 27 2024 | 6:30 PM IST