Ceat Q3 consolidated net profit rises marginally at Rs 52.5 crore

Tyre maker Ceat on Wednesday reported a marginal increase in consolidated net profit at Rs 52.5 crore for December quarter 2019-20.

The company had posted a profit of Rs 52.25 crore in the same period a year ago, Ceat said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 1,761.77 crore as against Rs 1,729.75 crore in the year-ago period, it added.

"The company has performed well despite challenging business environment," Ceat Managing Director Anant Goenka said.

Ceat CFO Kumar Subbiah said the company's revenue growth and cost controls helped it 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," he added.

The company said its board considered issuance of securities, including non-convertible debentures in one or more series/tranches, up to an amount of Rs 500 crore which has already been approved by shareholders in its last AGM in August 2019.

The board has authorised its Finance and Banking Committee to take such necessary steps in this regard, including finalisation of the terms of issuance of NCD or such other debt securities, it added.

On the outlook, Goenka said, "We will be commissioning our Chennai and Nagpur plants in the fourth quarter and with the new capacities coming in, we are looking forward to growing the passenger segments.