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