CEAT net zooms 665 pc

New Delhi, Jan 23 (UNI) Leading tyre-manufacturer CEAT has recorded a 665 per cent increase in its net profit at Rs 11.78 crore for the third quarter ended December 31, 2006 as against Rs 1.54 crore for the corresponding quarter last fiscal.

The company's gross turnover for the quarter Q3FY07 stood at Rs 600 crore as compared to Rs 455 crore for Q3FY06, a growth of 32 per cent.

Its net sales were up by 31 per cent to Rs 536.66 crore for the quarter from Rs 410.69 crore in the corresponding quarter an year ago.

The operating margins rose 7.8 per cent and EBITDA to Rs 41.88 crore from Rs 25.28 crore last year, up by 66 per cent.

CEAT Ltd Chief Financial Officer K J Rao said, ''Interest cost has been well managed and inspite of the phenomenal growth, debt levels have been well contained.'' He further added that despite of a 20 per cent increase in the price of raw material, the company has still managed to enhance profitability, which was possible since CEAT has commenced hedge buying of materials, resulting in significant benefit.

UNI