Ceat net grows 125% in Q1

Tighter control on expenses, decrease in finance costs helped it to post increase in net profit during reporting period

Ceat, India's fourth largest tyre manufacturer, today reported a 125% increase in net profit at Rs 65 crore for the quarter ended June 30, 2013 as against Rs 29 crore posted during the same period last year.

Tighter control on expenses and decrease in finance costs helped the Mumbai-based company to post the increase in net profit during the reporting period.

Anant Goenka, Managing Director, Ceat said, “Q1 has been positive for Ceat with strong volume growth both in India and Sri Lanka. We have continued to grow in both, the two-wheeler and UV segment."

Net sales of the company increased by 8% to Rs 1,316 crore during the reporting quarter as against Rs 1,223 crore posted in the same quarter last year.  

“In the past one year, our net debt is down by approximately Rs 400 crore, taking our debt equity ratio to 1.2 times from 2 times in the same quarter last year. Going forward, we will continue our focus on passenger segment and exports which will drive volume growth in this enigmatic macro environment,” added Goenka.