CEAT on 16 October announced its first ever quarterly results. The firm posted ₹208 crore of net profit in the September quarter on a yearly basis. Its revenue was up 5.5 percent at ₹3,053.3 crore in second quarter of FY 2023-24 , compared to ₹2,894.5 crore a year ago.
Apart from this, the firm registered an EBITDA at ₹456.1 crore for September quarter od FY 23-24, compared to ₹203.1 crore a year ago. The EBIDTA margin was registered at 14.9 percent compared to 7 percent a year ago.
Commenting on the results, Arnab Banerjee, MD & CEO, CEAT Limited said, “The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments – replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter.”
“During the quarter, we were delighted to achieve an important global recognition in the form of the Deming Grand Prize awarded by the Japan Union of Scientists and Engineers (JUSE). This points towards consistency and continuously improving experiences by our customers, across the globe. We are the only tyre company in the world to have received this recognition, in the history of this award,” he added.
Kumar Subbiah, CFO of CEAT Limited,said, “For the fifth quarter in succession, we have improved our margins quarter-on-quarter. Our consistent efforts in improving cost efficiencies and mix are yielding benefits. EBITDA Margin has crossed Rs. 400 crore for the first time in a quarter leading to healthy improvement in our net profits. We have also managed to bring our standalone debt down by ~Rs. 103 crore through efficient management of cash flows and improved operating performance.”
The shares of CEAT Limited on Monday closed at ₹2101.30 on BSE, which is 1.7 percent or ₹36.30 down. This is a decrease from yesterday’s closing price of ₹2137.6.
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Updated: 16 Oct 2023, 07:12 PM IST