Ceat Tyres Eyes Export Opportunities For Speciality Tyres In Europe, US
Published On 30-Oct-2020
Ceat has a specialised subsidiary, Ceat Speciality, for off-highway tyres in domestic and international markets.
Home grown tyre major Ceat is looking at export opportunities for its speciality tyres in Europe and North America, and is also exploring new market for radial tyres for buses and trucks, a senior company executive told PTI.
Ceat produce tyres for segments such as two- and three-wheelers, cars, buses, light commercial vehicles (LCVs), trucks and tractors, currently exports its range of products to over 100 countries.
The company has six manufacturing plants at Ambernath (for off-highway tyres), Bhandup, Nashik and Nagpur in Maharshtra, Halol in Gujarat and in Chennai.
"We are trying to make more inroads in the Europe and North American market for speciality sectors. We are also looking at new market for our bus and truck radial tyres," Ceat Tyres Ltd Chief Financial Officer Kumar Subbiah told PTI.
He further added that commissioning of Chennai plant in February this year will boost the company''s export business as it accounts for 12-13 per cent of the overall revenue.
Ceat has a specialised subsidiary, Ceat Speciality, for off-highway tyres in domestic and international markets.
Kumar said that recovery from the COVID-19 impact started happening in the later part of September quarter and exports are picking up gradually.
Earlier this week, tyre maker reported a 314 per cent rise in its consolidated net profit to Rs 182.18 crore for the second quarter ended September 30. 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.
Also Read:Ceat Q2 Net Profit Surges Four-Fold To Rs 182 crore
Ceat also commissioned the second phase of its Nagpur-based manufacturing facility with effect from August 24.
"We managed our supply situation better both from the manufacturing as well as servicing point of view. These are broad reasons why we have been able to give growth in the topline," Subbiah said.
Looking for new tyres? Find dealers
He further added that demand has returned in the aftermarket segment, while for OEMs and exports, the demand is very close to where it was before the COVID-19 pandemic. The company has also added capacity at its three plants in Halol, Chennai and Nagpur (two-wheelers) in anticipation of higher demand and to corner additional market share going forward.
Source:PTI
