However, as is evident now, we were caught unawares. Mutated strain of the virus took India in its stride as we were yet to work out a robust vaccination strategy. To curb the spread and manage the health emergency getting out of control in view of paucity of beds, oxygen and ventilators, a large number of states-imposed lockdowns and other restrictions which continue till date. 

As is normal under such circumstances, the economy bears the brunt and that is what seems to have happened. The fragile economic recovery seen in the second half of FY21 seems to have gone derailed. Consumer confidence has hit a new low as shown in a recent survey. Different rating agencies and multilateral organizations have downwardly revised the growth projections for the current fiscal year. From a bullish 11-13% growth (in view of base effect), the projections are now for growths in single digits only.

Needless to say, the pitch for economic revival is queered.  But, curiously, as Covid infections come off from the peak levels and the recovery rates go up, a new kind of confidence is building up. The infection rates are coming down with as much alacrity as they had peaked.

Certainly, there is no room for any complacency as premonitions of a third wave have already been made. However, the vaccination strategy to inoculate a large number of Indians by the end of the year holds much hope. It has been observed that those countries that have already inoculated over 50% of their population have witnessed much less morbidity and mortality rates.

What also holds out hope are a range of high frequency indicators which show the resilience of the Indian economy and the entrepreneurship that shines through whenever an opportunity is provided. The economic growth in the fourth quarter of last fiscal has been better than expected. From a contraction of 24.4% and 7.4% in the first and second quarters, the economy turned around in the third one with 0.5% growth and ended the year with 1.6% growth in Q4.

There are a range of other indicators too. Industrial performance measured by IIP grew by 22.3 percent in March. Merchandise exports grew by 197 percent in April. The output of eight core infrastructure sectors grew by robust 7% in March. Manufacturing PMI has remained at a high of over 55 in March and April. GST revenue collection set a new record of Rs. 1.4 lakh crore in April.

If the tyre  production data for FY21, as released recently, is anything to go by, Tyre Industry will continue to put the wheels of economy in motion against all odds. No doubt, Tyre Industry's overall numbers are down in FY21. However when looked closely, there is ample evidence that points to the resilience  in the sector. Truck & Bus (T&B) tyre production, the bellwether of economy has turned in better performance in FY21 over FY20. And this despite the fact that April’20 was a washout in view of nationwide lockdown. Both T&B and Passenger Car tyre production touched significantly higher figures in March this year with T&B tyre production crossing 20 lakh numbers, a historic high.

FY21 will also go down as a landmark year when Radial Truck & Bus tyre production equalled that of Bias tyre production. Tyre exports from India have charted an upward trajectory in the second half of previous fiscal as the stability was achieved in the exports markets.

Forecast of a normal monsoon (third in a row) and the upcoming festive season can provide much-needed impetus to the economy if vaccination drive accelerates and Covid appropriate measures are followed strictly.

No doubt, the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on economic growth.  But ramping up the vaccination drive and inoculating the entire adult population as early as possible will help.

And there is a major shift again in the vaccination policy. As this column gets on the editor’s desk, the federal government has decided to provide free coronavirus vaccines to states for inoculation of all above the age of 18.

FY 21 could not live up to the expectations that most Indians had. Hope the next year will. (TT)

Comments (0)

ADD COMMENT

Link Copied!

In recognition of its industry-leading water conservation efforts, Apollo Tyres’ Chennai facility has been honoured with the first prize in the National Water Awards (for 2024) within the Best Industry category. The President of India presented the award to the plant’s Head of Engineering, Mushtaq Mohammad Khan, at a formal ceremony.

The company attributes this success to its comprehensive 7R Strategy – encompassing Reduce, Reuse, Recycle, Replace, Rethink, Refuse and Regenerate – and the 3M Principles of Measure, Monitor and Manage. This framework facilitated a notable 38 percent decrease in Specific Fresh Water Consumption from the 2022 to 2026 financial years. The national award is viewed as a direct affirmation of the company's strategic commitment to sustainable water stewardship and its long-term vision for responsible manufacturing.

This achievement underscores the effectiveness of the company's environmental processes and the dedication of its teams. Apollo Tyres has expressed its intention to continue pursuing advanced sustainability initiatives to ensure future water security.

Comments (0)

ADD COMMENT

Link Copied!

In a significant strategic expansion, Point S, one of the world’s largest independent tyre and automotive service networks, has introduced its first proprietary line of truck tyres. The official launch occurred at the Solutrans exhibition in Lyon, representing a major advancement in the company's deep involvement with the commercial vehicle industry. Already a well-established force in the truck tyre markets of Europe and North America, Point S is leveraging its expertise to introduce the Point S Tyres Truck range. This initiative is seen as a disruptive move in the international sector, extending the group's reputation for quality and its independent ethos to a wider base of transport professionals.

The comprehensive range consists of eight key sizes, all certified with the Three-Peak Mountain Snowflake (3PMSF) symbol, guaranteeing reliable winter performance and year-round usability. Two notable products within the line are the Mixed Service tyre, designed for extreme conditions with optimised durability and stone penetration resistance, and the Regional Haul tyre, noted for its versatility, robustness and full 3PMSF certification across all sizes. Production for these tyres will be handled by a premium truck and bus radial manufacturer based in Poland and Turkey. A key logistical benefit for Point S members is the ability to combine orders from both production facilities into a single shipment, enhancing ordering flexibility and overall supply chain efficiency.

This new private label range is engineered to provide long-lasting value for independent retailers, featuring high-performance solutions that are both regroovable and retreadable. By moving into the truck tyre segment, Point S now offers its global network of members a complete portfolio that previously included only passenger and premium tyres. This empowers members to more effectively and competitively serve fleet operators and other clients with a compelling price-to-performance ratio.

Fabien Bouquet, CEO, Point S International, said, “This launch represents a key step in our journey to support our members and their customers with complete mobility solutions. Transport professionals need tyres that deliver performance, durability and value, which is exactly what this range delivers. It also marks an important milestone in our long-term strategy to strengthen our position in the commercial vehicle sector and to bring more innovation, choice and independence to the truck tyre market.”

Emilie Faure, International Private Labels Product Manager, said, “From the outset, our goal has always been to replicate the strategy and success of our Point S Tyres passenger car range by extending it to the commercial vehicle market with the launch of Point S Tyres Truck. To support this development, we involved selected Point S members and some of our small and medium-sized fleet clients from various countries to test the product. Initial feedback has been extremely positive, with testers particularly impressed with the range’s performing, as well as its quality and competitiveness in real-world operations.”

Comments (0)

ADD COMMENT

Link Copied!

According to Tyres Europe's sales data for the Q3 and the first three quarters of 2025, the overall tyre market has demonstrated general stability. Adam McCarthy, the organisation's Secretary General, reported that despite this, demand for Truck and Bus tyres has remained persistently weak. Cumulative figures for the year so far indicate that total tyre volumes are lower than those recorded during the same period in 2024.

Within the Consumer segment, third-quarter sales were stable, yet they reflect a slight decrease for the year to date. A notable trend is the shifting consumer preference away from summer tyres and towards all-season and winter products. The Truck and Bus segment experienced a continued decline, with the year's sales also down slightly, a situation attributed to regional economic softness and a rise in tyre imports. Meanwhile, the Agricultural tyre market saw stable volumes in the quarter, though they remain significantly below pre-pandemic levels.

The full Quarterly Update, prepared by Astutus Research, is available for download on the Tyres Europe website.

Comments (0)

ADD COMMENT

Link Copied!

Goodyear India reported a decline in quarterly profit as softer demand and higher expenses offset modest revenue growth, while the company announced board changes and new senior management appointments.

The tyremaker’s standalone profit after tax fell to INR INR 134.7 million for the quarter ended 30 September 2025, down from INR 143.1 million in the same period last year, according to financial statements approved by the board.

Total income for the quarter edged up to INR 5.8441 billion from INR 5.6835 billion a year earlier, though margin pressures persisted.

Profit before tax for the quarter stood at INR 180.7 million , down from INR 195.1 million in the previous year, reflecting higher input costs and muted replacement demand. Performance in the half-year to September also trailed the prior period, with profit after tax at INR 317.6 million compared with INR 363.7 million last year.

Alongside the earnings announcement, Goodyear India disclosed several board changes. Varsha Chaudhary Jain tendered her resignation as Whole-Time Director, effective 31 December, citing personal reasons. Rajiv Lochan Jain will complete his second term as Independent Non-Executive Director on the same date.

The board has approved the appointment of Gajanan Vithal Gandhe as an Independent Non-Executive Director from 1 January 2026 for a five-year term, subject to shareholder approval. The company stated that he “is not debarred from holding the office of a Director by virtue of any order passed by the Securities and Exchange Board of India or any other Authority.”

Goodyear India also designated three senior executives as Key Managerial Personnel for determining material events under SEBI’s disclosure rules from 1 January: Arvind Bhandari, Chairman and Managing Director; Sandeep Garg, Whole-Time Director and CFO; and Anup Karnwal, Company Secretary and Compliance Officer.

Comments (0)

ADD COMMENT

Link Copied!