Goodyear India Ltd

About

Goodyear India is engaged in the business of manufacturing and trading of tyres, tubes, and flaps
It is a leading player in the India farm tyre market[1]

Key Points

Product
It manufactures farm tyres, commercial truck tyres, tubes, and flaps. It trades in “Goodyear'' passenger car tyres (Radial) for Consumer business. It also serves in Passenger Vehicle Segment [1]
In FY20, its consumer replacement business delivered an above industry performance [1]

See full details
  • Market Cap 2,392 Cr.
  • Current Price 1,037
  • High / Low 1,332 / 686
  • Stock P/E 14.3
  • Book Value 364
  • Dividend Yield 9.45 %
  • ROCE 20.9 %
  • ROE 15.5 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 9.45%.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 76.35%

Cons

  • The company has delivered a poor sales growth of 0.70% over past five years.
  • Company has a low return on equity of 12.57% for last 3 years.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
489 464 424 490 454 426 375 227 481 514 569 534
444 430 379 446 406 406 352 225 408 440 502 489
Operating Profit 45 34 45 44 48 20 23 1 73 74 67 45
OPM % 9% 7% 11% 9% 10% 5% 6% 1% 15% 14% 12% 8%
Other Income 10 11 9 9 9 10 8 6 6 5 5 6
Interest 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 10 10 10 12 12 13 13 13 13 13 13 13
Profit before tax 44 34 42 40 43 16 17 -6 65 66 58 36
Tax % 35% 36% 36% 35% 12% 27% 26% 25% 25% 26% 26% 25%
Net Profit 29 22 27 26 38 12 13 -4 49 49 43 27
EPS in Rs 12.46 9.40 11.64 11.38 16.38 5.15 5.51 -1.95 21.05 21.23 18.74 11.66

Profit & Loss

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
993 1,272 1,489 1,461 1,546 1,564 1,730 1,512 1,665 1,912 1,746 1,792 2,099
870 1,159 1,381 1,370 1,407 1,408 1,534 1,312 1,463 1,747 1,610 1,575 1,839
Operating Profit 123 113 108 91 139 156 196 200 202 164 136 217 260
OPM % 12% 9% 7% 6% 9% 10% 11% 13% 12% 9% 8% 12% 12%
Other Income 5 17 13 21 30 29 38 33 37 38 35 23 22
Interest 4 4 5 4 2 3 3 3 3 3 4 3 3
Depreciation 13 15 20 24 25 29 46 34 36 41 50 53 53
Profit before tax 111 111 96 85 142 154 184 196 199 158 117 183 225
Tax % 34% 33% 33% 33% 34% 34% 35% 35% 35% 35% 24% 26%
Net Profit 73 75 65 56 94 101 120 127 130 102 89 136 168
EPS in Rs 31.69 32.43 28.00 24.42 40.78 43.89 51.92 55.22 56.34 44.25 38.51 59.07 72.68
Dividend Payout % 22% 22% 25% 29% 22% 23% 23% 23% 23% 29% 34% 166%
Compounded Sales Growth
10 Years:3%
5 Years:1%
3 Years:2%
TTM:42%
Compounded Profit Growth
10 Years:6%
5 Years:3%
3 Years:2%
TTM:190%
Stock Price CAGR
10 Years:13%
5 Years:10%
3 Years:4%
1 Year:23%
Return on Equity
10 Years:17%
5 Years:15%
3 Years:13%
Last Year:16%

Balance Sheet

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
23 23 23 23 23 23 23 23 23 23 23 23
Reserves 192 248 293 331 400 474 591 684 779 844 893 816
Borrowings 0 0 0 0 0 0 0 0 0 0 15 14
267 322 382 388 436 395 310 382 495 463 376 537
Total Liabilities 482 593 699 742 859 892 924 1,090 1,298 1,331 1,307 1,391
120 139 190 198 210 240 221 227 246 251 316 312
CWIP 36 59 20 17 32 17 29 31 26 50 15 16
Investments 0 0 0 0 0 0 0 0 0 0 0 0
325 395 489 527 617 635 674 831 1,025 1,029 976 1,063
Total Assets 482 593 699 742 859 892 924 1,090 1,298 1,331 1,307 1,391

Cash Flows

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
145 146 84 26 131 99 9 168 182 57 65 294
-22 -65 35 -178 -121 116 -133 -12 -22 -36 -96 87
-19 -21 -23 -23 -21 -27 -31 -37 -37 -39 -45 -223
Net Cash Flow 104 59 96 -174 -11 188 -155 120 123 -18 -76 158

Ratios

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 36 28 32 39 39 26 34 38 46 46 46 55
Inventory Days 27 24 28 35 32 41 42 65 57 46 46 41
Days Payable 82 70 83 87 94 82 65 101 128 94 82 126
Cash Conversion Cycle -19 -18 -23 -14 -23 -15 10 2 -25 -2 10 -29
Working Capital Days -33 -39 -31 -22 -28 -25 8 -0 -11 0 10 -18
ROCE % 61% 47% 35% 26% 37% 34% 34% 30% 27% 19% 13% 21%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00
2.36 2.36 2.36 2.36 2.36 2.27 2.08 2.08 2.03 1.73 1.75 0.82
6.26 6.26 6.76 6.94 7.52 7.74 7.78 7.60 7.56 8.15 7.80 7.49
17.38 17.38 16.88 16.70 16.12 15.99 16.14 16.32 16.41 16.12 16.45 17.69

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