Ceat rallies 10% in 2 days, hits fresh 52-week high on strong Q3 results

The management said there is expected to be some margin pressure in the next quarter due to increasing raw material prices

Shares of Ceat traded 4 per cent up at a fresh 52-week high of Rs 1,322 on the BSE in Wednesday's early morning trade after the company reported Ebitda (earnings before interest, taxes, depreciation, and amortization) margin expansion of 460 basis points (bps) at 15.3 per cent for the quarter ended December 2020 (Q3FY21), over the previous year quarter. The stock of the auto tyres & rubber products company has surged 10 per cent in the past two trading days, post the Q3 results.

The company’s consolidated net profit more-than-doubled to Rs 132 crore in Q3FY21 from Rs 53