This downturn was primarily attributed to reduced sales of commercial vehicles such as tractors and trucks, as well as a delay in vehicle refurbishments by customers.
According to industry data, commercial vehicle sales in India decreased by 3.8% year-over-year in the March quarter. While ancillary companies have been benefiting from strong automobile demand, Goodyear India highlighted its significant business share with farm equipment manufacturers.
However, the weak performance of the agricultural sector has impacted tractor sales, contributing to the overall challenges faced by the company in the quarter.
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