Ceat Ltd net up 130pc during Q1FY07

New Delhi, July 27: Tyre maker Ceat Ltd today said the net profit for the quarter April-June 2007 jumped by a hefty 130 per cent at Rs 30.35 crore as compared to Rs 0.23 crore in the corresponding period last year.

Its net sales surged by 490 basis points during the quarter to 9.9 per cent as compared to five per cent for the same period previous year.

The company's gross sales for the quarter also rose by eight per cent at Rs 601 crore, as against Rs 557 crore last year.

''The increase in operating margins is mainly attributed to better product mix, strategic buying of raw materials and sustained efforts towards cost optimisation and lower interest burden despite increase in interest rates and growth in business,'' Ceat Managing Director Paras K Chowdhary said in a statement.

The company is now charting out a growth plan in exports. With a global footprint spread over 100 countries, the company expects to further enhance its presence in Europe, the statement said.

UNI