Ceat deflates after dismal Q1 outcome

Ceat lost 6.4% to Rs 1,780.65 at 11:11 IST on BSE after consolidated net profit dropped 98.66% to Rs 1.38 crore on 0.83% growth in total income to Rs 1473.71 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 3 August 2017.

Meanwhile, the S&P BSE Sensex was down 105.84 points or 0.33% at 32,132.04. The BSE Mid-Cap index was down 56.85 points or 0.37% at 15,278.27.

On BSE, 1.09 lakh shares were traded in the counter, compared with average daily volume of 97,173 shares in the past one quarter. The stock hit a high of Rs 1,833 and a low of Rs 1,749.15 so far during the day. The stock had hit a record high of Rs 1,948 on 13 June 2017. The stock had hit a 52-week low of Rs 835.85 on 23 August 2016.

The stock had underperformed the market over the past one month till 3 August 2017, rising 1.99% compared with 3.18% rise in the Sensex. The scrip had however outperformed the market in past one quarter, rising 14.33% as against Sensex's 7.97% rise. The scrip had also outperformed the market in past one year, surging 122.25% as against Sensex's 16.32% rise.

The mid-cap company has equity capital of Rs 40.45 crore. Face value per share is Rs 10.

Anant Goenka, Managing Director, Ceat said that Q1 June 2017 was a challenging quarter in light of destocking by the channel partner due to GST and high raw material prices.

Ceat is one of India's leading tyre manufacturers. The company sells its tyres under the Ceat brand.

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