Ceat Q3 PAT up at ₹132 crore on higher revenues
- 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.
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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.
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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)