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CEAT slips after reverse turnaround in Q1

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CEAT declined 1.41% to Rs 855.20 after the tyre manufacturer reported consolidated net loss of Rs 34.76 crore in Q1 June 2020 as compared to net profit of Rs 82.60 crore in Q1 June 2019.

Total income fell 36.33% to Rs 1,126.46 crore in Q1 June 2020 over Q1 June 2019. CEAT reported an exceptional expense of Rs 21.8 crore in Q1 June 2020. The result was announced after market hours yesterday, 29 July 2020.

Consolidated EBITDA fell 39% to Rs 105.5 crore in Q1 June 2020 from Rs 172.4 crore in Q1 June 2019. EBITDA margin declined to 9.4% in Q1 June 2020 from 9.8% in the same period last year.

Anant Goenka, Managing Director, CEAT said, the company has resumed operations at all factories and is making concerted efforts towards ensuring it is ready as demand picks up.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 30 2020. 09:24 IST