Ceat Ltd profit surges 134 percent

Kolkata, July 22 (IANS) RPG Group owned Ceat Ltd on Wednesday said its net profit soared by 134 percent during April-June at Rs.121 crore though the company’s revenue remained flat at Rs.1,456 crore.

“In this quarter, our sales growth was flat. However margins have improved largely due to lower raw material cost coupled with improving product mix,” its managing director Anant Goenka said in a statement.

Its consolidated EBITDA (net income with interest, taxes, depreciation, and amortization) increased by 65 percent to Rs.224 crore as margins rose to 15.4 percent in the fiscal quarter under review.

In the corresponding fiscal quarter in 2014, the same was 9.3 percent.

On standalone basis, its India operations reported a revenue of Rs.1,407 crore.

EBITDA increased by 72 percent to Rs.217 crore. (The) EBITDA margins went up to 15.4 percent compared to 9 percent in the corresponding quarter of the previous year”, the statement said.

The standalone net profit in the review period rose by 152 percent to Rs.118 crore compared to the same timeframe in 2014.

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