Ceat’s Q2-FY17 consolidated net profit up 1.5%

Benefitting from a strong double-digit growth in volumes in both domestic and export markets, tyremaker Ceat today reported a consolidated net profit of Rs 106.9 crore in July-September 2016 against Rs 105.3 crore reported in the same period a year ago.

On a consolidated basis, the company’s revenue stood at Rs 1,419 crore in Q2 FY17, up by 5.7% on a year or year basis. EBITDA stood at Rs 194 crore from Rs 192 crore on a year on year basis, while margins stood at 13.7% for Q2 FY17.

“In this quarter, Ceat’s overall sales volume grew by over 13% on a YoY basis. This was led by double-digit growth in both domestic and exports segments aided largely by our focus on the passenger segments. Margins have seen slight decline YoY, predominantly due to price cuts taken during the previous quarters. On the products front, CEAT launched puncture safe tyres for bikes – a first in India, and FuelSmarrt series for passenger cars.” said Anant Goenka, managing director, CEAT, commented.

On a standalone basis, India operations reported revenue of Rs 1,405 crore, EBITDA of Rs 185 crore and net profit of Rs 102 crore.

The tyre-maker also remained in the black as rising input costs (Rs 831.3 crore, up 7.1%) were offset by falling finance costs (Rs 16.2 crore, down 27%) during the quarter under review.