Ceat Q2 Net Profit Surges Four-Fold To Rs 182 crore
Published On 20-Nov-2020
The company had posted a net profit of Rs 43.64 crore in the July-September period previous fiscal
Homegrown tyre major Ceat on Tuesday reported a 314 per cent rise in its consolidated net profit to Rs 182.18 crore for the second quarter ended September 30. The company had posted a net profit of Rs 43.64 crore in the July-September period previous fiscal.
Net revenue from the operations during the quarter under review stood at Rs 1,978 crore, up 17%, as against Rs 1,696 crore in the year-ago quarter.
"We have witnessed strong growth across categories on the back of a challenging business environment. We ramped up our capacities to pre-COVID levels very quickly and ensured on-time supplies to customers. We continued our focus on the wellbeing of our people and partners and have embarked on reducing our costs, which should pay further dividend over the next few quarters.," Ceat tyres MD Anant Goenka said in a statement.
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"Demand for the next quarter continues to look strong, with an uptick in rural and personal mobility, and channel filling in preparation of ongoing festive demand. We are also working on building resilience into our supply chain as we ramp up sourcing locally, in line with the government''s vision of an Aatmanirbhar Bharat. We remain optimistic for the growth of the business," Goenka noted.
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Tyre maker further added that it has commissioned the second phase of its Nagpur-based manufacturing facility with effect from August 24. The plant would be ramped up over a period of time, based on market demand and overall capacities.