Consolidated revenue from operations increased to Rs1,906cr in the quarter under review compared to Rs1,120cr in the corresponding period of the previous year.
Anant Goenka, MD of CEAT said, "It has been a challenging quarter with the second wave of Covid-19 restricting demand and rising input costs affecting margins. However, with a progressive drop in Covid cases in the last four weeks and a steady increase of vaccination in the latter part of the quarter, we are witnessing a gradual pickup in demand from early June in the replacement market and OEMs. The spike in commodity prices has impacted gross margins, which was partially offset by price increases over the last quarter."
Goenka added, "We continue to focus on the wellbeing of our employees, manage costs and stay prepared as demand bounces back."
"We will continue to calibrate the market dynamics and align our business plans to the evolving scenario," Goenka added.
At around 1.29 PM, CEAT was trading at Rs1370.05 per piece down by Rs29.15 or 2.08% on Sensex. The stock was near the day's low of Rs1363 per piece.