 "Ceat skids post June quarter results")
Ceat has tanked 9% to Rs 603, falling nearly 12% from intra-day high on NSE, after reporting 21% year on year decline in consolidated net profit at Rs 52 crore for the first quarter ended June 30, 2014 (Q1), due to higher expenditure.
The tyre maker had registered a profit of Rs 65 crore during the same quarter last year. Analyst on an average had expected profit of Rs 76 crore for the quarter.
Total income from operations grew 10% to Rs 1,463 crore during the quarter under review against Rs 1,327 crore in the corresponding quarter of previous year.
EBITDA or operating profit margin declined by over 200 basis points to 9%, mainly due to higher employee cost and advertisement expenses.
The stock opened at Rs 670 and touched a high of Rs 681 on NSE, before announcements of June quarter earnings. A combined 2.12 million shares changed hands on the counter so far on NSE and BSE.
The tyre maker had registered a profit of Rs 65 crore during the same quarter last year. Analyst on an average had expected profit of Rs 76 crore for the quarter.
Total income from operations grew 10% to Rs 1,463 crore during the quarter under review against Rs 1,327 crore in the corresponding quarter of previous year.
EBITDA or operating profit margin declined by over 200 basis points to 9%, mainly due to higher employee cost and advertisement expenses.
The stock opened at Rs 670 and touched a high of Rs 681 on NSE, before announcements of June quarter earnings. A combined 2.12 million shares changed hands on the counter so far on NSE and BSE.
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