Ceat rises as Q3 profit up marginally at Rs 52.5 cr

Ceat rose 1.15% to Rs 1011 after consolidated net profit rose 0.04% to Rs 52.79 crore on 1.85% rise in net sales to Rs 1761.77 crore in Q3 December 2019 over Q3 December 2018.

Consolidated profit before tax (PBT) rose 0.2% to Rs 82.64 crore in Q3 December 2019 over Q3 December 2018. EBITDA rose 26.2% to Rs 188 crore in Q3 December 2019 compared to Rs 149 crore in Q3 December 2018. Margins stood at 10.7% compared with 8.6% last year.

Finance cost surged 71.3% to Rs 38 crore in Q3 December 2019 over Q3 December 2018.

On a standalone basis, net profit rose 6.9% to Rs 62.05 crore on 1.2% rise in net sales to Rs 1,708.57 crore in Q3 December 2019 over Q3 December 2018.

Commenting on results as well as the outlook of the business, Anant Goenka, Managing Director, CEAT said, "The company has performed well despite challenging business environment. We will be commissioning our Chennai & Nagpur plants in the fourth quarter and with the new capacities coming in, we are looking forward to growing the passenger segments."

"Our revenue growth and cost controls helped to deliver improved margins during the quarter. We continue to exercise dexterity in controlling our ongoing capex which has helped us to control our debt levels, Kumar Subbiah, CFO of CEAT said.

CEAT, the flagship company of RPG Enterprises, is a tyre manufacturers and has a strong presence in global markets.

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