The revenue increased to Rs2,451.8cr from Rs1,978.5cr yoy. EBITDA margin stood at 9.2%, an expansion of over 11 bps vs Q1FY22. The company’s board has given approval for fundraising up to Rs500cr via debt.
“The overall market demand continues to be robust, despite some lag in commercial and farm categories. We witnessed strong growth on account of good performance in the replacement market, particularly in the passenger vehicles segments. The rising input cost has impacted our gross margins, it has been partially offset by price adjustments over the last quarter,” Managing Director Anant Goenka, CEAT Limited, said.
Total expenses were higher at Rs2,401.64cr as compared to Rs1,814.89cr in the corresponding period last fiscal. Cost of materials consumed stood at Rs,616.59cr, as against Rs1,051.57cr earlier.
The company board on Monday approved raising of up to Rs500cr through issuance of non-convertible debentures (NCDs) which can be listed/unlisted, secured/unsecured or such debt securities on a private placement basis in one or more tranches.
The board also approved the appointment of Parak K Chowdhary as an additional non-independent director, it added.