Ceat Q3 PAT up at ₹132 crore on higher revenues1 min read . Updated: 19 Jan 2021, 07:22 PM IST
Ceat produces over 15 million tyres a year and offers a wide range for heavy-duty trucks and buses, light commercial vehicles, bikes and more.
RPG Group company Ceat Ltd on Tuesday reported a consolidated profit after tax of ₹132 crore in the October to December quarter on revenues of ₹2,221 crore.
The consolidated operating profits totalled ₹240 crore on the back of higher sales revenues and less than proportionate increase in costs, said the tyre manufacturer.
(Also Read: Royal Enfield 650 Twins switch to CEAT tyres)
The demand for tyres is largely a derived demand. In the last two quarters, the company benefited from a sharp pick-up in tyre demand due to automobiles production getting back to pre-Covid levels. Also, the retreading demand is picking up.
Managing Director Anant Goenka said the quarter's growth was achieved due to new capacities across segments, particularly passenger car, two-wheeler and farm segments.
"The replacement market has been buoyant because of consumer preference in personal mobility and strong rural demand," he said.
Chief Financial Officer Kumar Subbiah said the continuous effort to judiciously manage cash helped in bringing down company's debt by ₹260 crore in the December quarter that helped in qualitative improvement in leverage ratios and balance sheet.
Ceat produces over 15 million tyres a year and offers a wide range for heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, motorcycles and scooters as well as auto-rickshaws. (ANI)
This story has been published from a wire agency feed without modifications to the text.