CEAT clocks 47.80% yoy growth in revenue at Rs2,818 crore for Q1FY23; stock jumps ~2%

21 Jul 2022 , 02:26 PM

CEAT Limited announced its results for the first quarter ended June 2022 and has reported mixed numbers during the quarter.

The company reported consolidated revenue of Rs2,818 crore for the quarter under review, as compared to Rs1,906 crore during the previous corresponding quarter.

However, CEAT reported a massive decline of 61% yoy in net profit at Rs9 crore during Q1FY23, as against a profit of Rs23 crore in the same quarter last year.

The company stated that the dent in profit was majorly on account of increased raw material prices that had a huge impact on the company’s business.

The company also outlined that despite a CAPEX of Rs250 crore it managed to maintain a net debt level close to the previous quarter.

Company’s EBITDA margin stood at 6.1%, registering a contraction of 145 bps against the previous quarter.

On a standalone basis, the company reported revenue of Rs2,803 crore, with an EBITDA margin of 5.9%, a contraction of 133 bps sequentially. While the company registered a net profit of Rs3 crore on a standalone basis.

At around 2.29 PM, CEAT Ltd was seen at Rs1,223.45 per piece, up by 1.95% from its previous closing of Rs1,200 on the BSE. The scrip touched an intraday high and low of Rs1,225 and Rs1,135.90 respectively.