Tyre maker Ceat today reported over two-fold rise in its consolidated net profit at Rs 121.01 crore for the first quarter ended June 30, primarily on lower raw material cost and improved product mix.
The Mumbai-headquartered company had posted a net profit of Rs 51.67 crore during the same period of previous fiscal.
Net sales of the company rose to Rs 1,456.26 crore for the first quarter, as compared to Rs 1,453.10 crore during the same period of previous fiscal, Ceat Ltd said in a filing to the BSE.
“In this quarter, our sales growth was flat; however margins have improved largely due to lower raw material cost coupled with improving product mix,” Ceat Managing Director Anant Goenka said.
Ceat, the flagship company of RPG Enterprises, has strong presence in global markets. It offers tyres to all segments, including heavy-duty trucks, passenger cars and two wheelers.
Ceat shares today ended 3.35 per cent up at Rs 778.85 apiece on the BSE.