Bangalore ,
Indian tire maker Ceat Ltd on Monday reported a higher-than-expected 81.4% fall in second-quarter profit, hurt by higher input costs.
consolidated net profit fell 7.83 crore ($955,811) in the three months ended September 30, from 41.98 crore a year ago.
Analysts had, on average, expected the company’s profits to drop 51%. 20.76 crore, as per Refinitiv IBES data.
Ceat’s revenue from operations up 18.1% 2,894 crore in the quarter.
This was more than offset by a 19.3% increase in total expenses. 2,864 crore, with input cost jumping 24%.
Oil prices have risen sharply since the Russia-Ukraine conflict since earlier this year, raising the cost of petrochemicals that are a key component in tire manufacturing.
Last week, JK Tire & Industries Ltd reported a 23% decline in quarterly profit as its input cost increased by 20.7%.
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