Ceat posts profits of Rs 19.22 crores

Mumbai, Jan 31: Tyre maker CEAT has posted a net profit of Rs 19.22 crore for its quarter ended as on December 31, a jump of about 63 per cent compared to the corresponding period of last fiscal of Rs 11.78 crores. Gross sale of the company for the quarter stood at Rs 630 crores, up 5 per cent against Rs 600 crores for last fiscal's corresponding period.

EBITDA margin to net sales was also by 110 basis points during the quarter to 8.9 percent compared to 7.8 percent for the same period in the previous year. The EPS for the quarter was Rs 5.61, and for the three quarters in aggregate, at Rs 20.93 against Rs 8.60 for last year, stated a release. Commenting on the results, MD CEAT, Paras K Chowdhary said, " The increase in operating margins is mainly attributed to better product mix, strategic buying of raw materials, sustained cost optimization and lower interest burden despite increase in interest rates and growth in business."

The company's scheme of restructuring involving de-merger of investment in a separate company has been implemented resulting in the paid up equity of the company reducing from Rs 45.68 crores to Rs 34.24 crores. With a presence in over 100 countries, the company also plans to focus in exports especially Europe.

Ceat is the flagship of Rs 11,500 crore RPG Group, added the release.

UNI