CEAT Q4 Net Profit Jumps 196 Per cent To INR 153 Crore
Published On 06-May-2021
Net profit in the January-March quarter of FY21 was INR 153 crore compared to INR 51.72 crore in the same period of the previous fiscal
Home grown tyre major CEAT on Wednesday reported 195.86% rise in its consolidated net profit quarter ending March.
Net profit in the January-March quarter of FY21 was INR 153 crore compared to INR 51.72 crore in the same period of the previous fiscal, the company said in a release.
Meanwhile, the company's consolidated revenue stood at INR 2,290 crore in Q4 FY21, up 45%, as against INR 1,573.41 crore in the same quarter a year ago.
Towards the latter part of the year the rise in commodity prices eroded our gross margins which prompted us to go for a marginal price increase, said Anant Goenka, Managing Director, Ceat Tyres.
EBITDA margin stood at 11.7%, a contraction of over 355 bps over the previous quarter of this fiscal.
"We gained market share in PCR and TBR segments. Encouraged by buoyancy in demand, we added new capacity in TBR segment. Towards the latter part of the year the rise in commodity prices eroded our gross margins which prompted us to go for a marginal price increase," Anant Goenka, managing director, Ceat, said.
The frequent lockdowns and high commodity prices remain an industry-wide problem for OEM and retail demand, he added.
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Ceat produces over 15 million tyres a year and offers a wide range for heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, motorcycles and scooters as well as auto-rickshaws.
Source: Economic Times
