 "Ceat Q1 net profit dips 17% to Rs 93 crore")
Tyre maker Ceat on Thursday reported 17.38% decline in consolidated net profit at Rs 93.07 crore for the first quarter ended June 30, 2016-17.
The company had reported a net profit of Rs 112.65 crore during the same period of the previous financial year.
Net sales of the company rose however to Rs 1,460.92 crore for the April-June quarter of the current financial year as against Rs 1,404.15 crore during the same period of 2015-16, Ceat Ltd said in a BSE filing.
"Margins have declined largely due to higher investment in the brand and some price drops that were passed on to the consumers," Ceat Ltd Managing Director Anant Goenka said.
The company is seeing strong growth in the domestic market with volume growth of over 15% aided by the company's focus on the passenger segments, he added.
Ceat shares ended 0.39% up at Rs 883.70 apiece on BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%