Ceat Q2 net profit soars 70%
The company had posted a net profit of Rs 2.24 crore in the corresponding period last year
Tyre maker Ceat Ltd today reported 69.64% increase in its consolidated net profit for the quarter ended September 30 at Rs 3.80 crore.
The company had posted a net profit of Rs 2.24 crore in the corresponding period last year, Ceat Ltd said in a statement.
The net income during the second quarter of the fiscal also went up by 6.02% to Rs 1,222.01 crore from Rs 1,152.58 crore in the year-ago period, it added.
Commenting on the numbers, Ceat Managing Director Anant Goenka said: "Q2 is historically a sluggish quarter for the tyre industry on account of the seasonal impact of monsoons. Conversely, despite the challenging macroeconomic environment, we closed the second quarter of this fiscal year on an optimistic note."
The company grew its market share in the two and three-wheeler categories among others, he added.
Ceat Chief Financial Officer Manish Dugar said: "This quarter has witnessed a change in the sales mix with higher growth in OE segment. Exports have been a challenge as the global environment remains an enigma."
Shares of Ceat today closed trading 6.54% down at Rs 109.95 apiece on the BSE.