Tyre maker Goodyear India on Monday said its net profit declined by 31 per cent to Rs 27 crore in the second quarter ended September 30, 2022, hit by lower volumes and higher operating costs driven by inflation.
The company had posted a net profit of Rs 39 crore in the July-September period of last fiscal.
Revenue from operations rose to Rs 767 crore in the period under review as compared with Rs 698 crore in the September quarter of the previous fiscal, Goodyear India said in a statement.
"The overall business environment remains challenging. Macro headwinds of higher crude prices, rupee depreciation and increase in feedstock prices have contributed to elevated raw material, energy and freight costs, negatively impacting margins," Goodyear India Chairman & Managing Director Sandeep Mahajan said.
Despite a difficult macro environment, the company has delivered 9 per cent year-over-year topline growth on the back of pricing actions to offset inflationary pressures, he added.
"While near term concerns around the macro environment remain, recent softening of commodity prices augurs well for the future. We're focused on offsetting high inflation with pricing and cost actions, expanding our distribution, and capturing opportunities for driving profitable growth," Mahajan said.
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