 "CEAT Specialty")
Indian tyre maker CEAT reported a 52.6 per cent rise in second-quarter profit on Friday on strong demand, as vehicle sales rose following the consumption tax cut and festive demand.
The company's consolidated net profit rose to 1.86 billion rupees ($21.2 million) during the quarter ended September 30, from 1.22 billion rupees a year ago.
Revenue from operations increased 14.2 per cent. Total expenses rose 12.2 per cent, with the cost of materials consumed climbing 9.6 per cent.
KEY CONTEXT
In early September, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand amid economic headwinds from U.S. tariffs.
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 "Arnab Banerjee, MD & CEO, CEAT Limited")
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 "Arnab Banerjee, MD & CEO, Ceat")
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CEAT'S CEO Arnab Banerjee told Reuters last month that the company expects to see demand for tyres for tractors and entry-level motorcycles jump the most among its segments, following the tax cut.
CEAT, whose clients include Tata Motors and Maruti Suzuki India, is the first listed tyre maker to report results this quarter.
"We look forward to double-digit growth in the second half of the year," Banerjee said in a statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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