Tyremaker Goodyear India posts Q4 loss on weak demand for tractors

A woman sits at a bus stop outside Goodyear factory in Shah Alam

BENGALURU (Reuters) - 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 42.1 million rupees ($506,606.34) for the three months to March 31 from a profit of 336.1 million rupees a year earlier.

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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.


Estimates (next Estimates (next 12 Analysts' sentiment

12 months) months)

RIC PE EV/EBIT Revenue profit Mean # of Stock to Div

DA growth % growth % rating * analysts price yield

target ** (%)

Goodyear India GDYR.BO NULL NaN NULL NULL NULL 0 NaN 2.19


MRF Ltd MRF.NS 26.21 12.94 8.20 1.97 SELL 7 1.20 0.13

CEAT Ltd CEAT.NS 13.70 6.64 10.32 2.26 BUY 14 0.83 0.50

Apollo Tyres Ltd APLO.NS 15.29 7.36 7.81 10.40 BUY 24 0.92 0.83

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT


-- All data from LSEG

-- $1 = 83.1020 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru)