Tyre Maker Ceat Reports Rs. 208 Cr. Net Profit In Q2
Ceat, tyre maker and an RPG Group company, shared its unaudited results for the second quarter ending on 30th September 2023 in a press statement.
On a consolidated basis, the Company’s revenue closed at Rs. 3,053 crore, EBITDA margin stood at 15.1 per cent, an expansion of 202 bps vs Q1 FY23-24. Net profit stood at Rs. 208 crore.
Commenting on the results, Arnab Banerjee, MD & CEO of Ceat, said, “The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments – replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter.”
On a standalone basis, the Company’s revenue stood at Rs. 3,043 crore and EBITDA margin stood at 15.0 per cent, an expansion of 180 bps vs Q1 FY23-24. Net profit stood at Rs. 199 crore.
Kumar Subbiah, CFO of Ceat, said, “For the fifth quarter in succession, we have improved our margins quarter-on-quarter. Our consistent efforts in improving cost efficiencies and mix are yielding benefits. EBITDA Margin has crossed Rs. 400 crore for the first time in a quarter leading to healthy improvement in our net profits. We have also managed to bring our standalone debt down by Rs. 103 crore through efficient management of cash flows and improved operating performance.”
