CEAT zooms ~5% on posting manyfold increase in net profit

26 Jul 2023 , 02:10 PM

CEAT shares climbed nearly 5% to Rs 2,598 in Wednesday’s session after the business reported a 14-fold increase in consolidated net profit at Rs 144.6 crore in the June quarter. In the previous fiscal year, the company earned a net profit of Rs 9.25 crore.

At around 1.59 PM, CEAT was trading 2.19% higher at Rs 2,530.70 per piece, against the previous close of Rs 2,476.55 on NSE.

Company said that its revenue from operations in the first quarter of the current fiscal year was Rs 2,935.2 crore, up 4.1% y-o-y from Rs 2,818.4 crore in the previous corresponding quarter.

“With a good product-market fit, the company’s international business and replacement are looking promising. Our product performance is well recognized as exceptional in major geographies. Better asset sweating, greater efficiencies through digital interventions, and other means will boost profits in the future,” commented Arnab Banerjee, MD & CEO of CEAT.

EBITDA was Rs 384.7 crore in the June quarter, up from Rs 171.3 crore in the same quarter of the previous year. In Q1FY24, the EBITDA margin came in at 13.1%.

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