Ceat Q3 PAT up at 132 crore on higher revenues

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.

CEAT Tyres logo use for representation purpose only.
CEAT Tyres logo use for representation purpose only.

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.

Also Read : CEAT announces association with Nissan for supplying wheels for Magnite SUV

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)

First Published Date: 19 Jan 2021, 19:22 PM IST
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Cool Aqua (7.5g)
Rs. 94 Rs. 99
70% OFF
VENO Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable (2 in 1 Vacuum Cleaner)
Rs. 899 Rs. 2,999
SHAYONAM Dent Removal Kit - Powerful Car Dent Repair Kit - Suction Cup Dent Puller Handle Lifter and Dent Repair Puller for Car Body Dent, Glass, Tiles and Mirror (Plastic)
Rs. 349
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Musk After Smoke (7.5g)
Rs. 94 Rs. 99

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.