New Delhi : Tyre maker Ceat reported over two-fold rise in its consolidated net profit at Rs 121.01 crore for the first quarter ended June 30, primarily on lower raw material cost and improved product mix. The Mumbai-headquartered company had posted a net profit of Rs 51.67 crore during the same period of previous fiscal. Net sales rose to Rs 1,456.26 crore for the first quarter. “In this quarter, our sales growth was flat; however margins have improved largely due to lower raw material cost coupled with improving product mix,” Ceat Managing Director Anant Goenka said. Ceat, the
flagship company of RPG Enterprises, has strong presence in global markets. Ceat shares ended 3.35% up at Rs 778.85 apiece on the BSE.
