CEAT Q1 Profit Up 7% to Rs 154 cr - Tyre Maker Reports Strong Growth
Jul 18, 2024 19:03
CEAT Ltd's net profit rose 7% to Rs 154.18 crore in the June quarter, driven by strong growth in replacement and export segments. Read more.
New Delhi, Jul 18 (PTI) Tyre maker CEAT Ltd on Thursday reported a 7 per cent rise in consolidated net profit at Rs 154.18 crore in the June quarter.
The company had posted a consolidated net profit of Rs 144.01 crore a year earlier, CEAT Ltd said in a regulatory filing.
Consolidated revenue from operations stood at Rs 3,192.82 crore as against Rs 2,935.17 crore in the year-ago period, it added.
Total expenses were higher at Rs 3,003.56 crore as compared to Rs 2,739.14 crore in the corresponding quarter a year ago, the company said.
"We are encouraged by the strong growth we've had in the replacement and export segments across all categories during the quarter. Despite facing margin pressure from significant increases in raw material costs and ocean freight, we are actively mitigating these challenges through strategic price adjustments," CEAT Ltd MD & CEO, Arnab Banerjee said.
The company's strategic focus on premiumising passenger car tyres has begun to yield positive results, he added.
Looking ahead, Banerjee said, "We anticipate continued momentum in volume throughout Q2 and beyond.
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