CEAT Consolidated Net profit Rises To ₹159 Cr In Q1FY24

CEAT Limited, an RPG Group company, announced its unaudited results for the first quarter ending on 30th June 2023, the company on Tuesday announced through an exchange filing.

On a consolidated basis, the Company’s revenue closed at ₹2,935 crore, EBITDA margin stood at 13.1 percent. Net profit stood at ₹144 crore.

“Replacement and International business are looking good with good product - market fit. Our product performance continues to get accepted as superior across key geographies. Better sweating of assets, improved efficiencies through digital interventions and otherwise, shall improve margins going forward,” said Arnab Banerjee, MD & CEO, CEAT Limited.

On a standalone basis, the Company’s revenue stood at ₹2,921 crore and EBITDA margin stood at 13.2 percent. Net profit stood at ₹159 crore.

“During the quarter, we have focused and optimized on operational efficiencies. Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year. Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by Rs. 97 crore,” said Kumar Subbiah, CFO of CEAT Limited.

CEAT Limited Shares

The shares of CEAT Limited on Tuesday at 3:30pm IST were at ₹2,481, up by 1.77 percent.