Goodyear shares skid 4% after management says near-term challenges persist

Sandeep Mahajan, Chairman and Managing Director, Goodyear India, said that the near-term concerns around the macro environment remain.

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Shares of Goodyear India skidded 4 percent on May 30 as the company’s management expressed concerns about challenges persisting in the near term.

At 11am, the tyre company’s stock was quoting at Rs 1,219.85, down 3.69 percent. So far today, the stock was trading with volumes of 22,209 shares, as compared with its five day average of 6,076 shares, an increase of 266 percent.

Sandeep Mahajan, Chairman and Managing Director, Goodyear India, said that the near-term concerns around the macro environment remain. Though in future, he said that the company sees improving raw material cost trends, while being focused on expanding distribution and repositioning its brand in premium segment.

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The company’s fourth quarter revenue came in at Rs 656 crore, up 9 percent from a year ago. While the net profit rose 93 percent YoY at Rs 34 crore due to better sales mix and price realisation, coupled with lower operating costs.

Mahajan highlighted that the company has delivered solid revenue and profit growth in the quarter under review despite a tough business environment marked by continued inflation and high interest rates.

The company posted a healthy operational performance with positive surprise being expansion of gross margin by 450 basis points QoQ with absolute margins still below industry average due to higher share of traded goods (around 30-40 percent), said ICICI Securities.

Besides, Goodyear India declared a final dividend of Rs 26.50 per share.