Ceat, an RPG Group company has reported its financial result for Q3 FY2024 with revenue of Rs 2,963 crore, up 8.65 percent, compared to Rs 2,727 crore for the same period last year.
The net profit came at Rs 181.3 crore, as against Rs 35 crore for the same period last year.
Arnab Banerjee, MD & CEO, Ceat attributed the performance to strong demand from both replacement and international business.
“While margins for the quarter were healthy, we witnessed a marginal drop primarily on account of increase in input cost. With stronger growth in premium segments in domestic market and recovery in international markets, we expect a stronger growth in the forthcoming quarters,” he said.
Kumar Subbiah, CFO, Ceat said “Our consistent efforts in improving cost efficiencies and mix are yielding benefits as we ended another quarter with strong operating margins. Our continuous focus on generating healthy cash flows has helped us to fund capex from internal accruals and also in the reduction of gross debt in the quarter by Rs 163 crore. Our Balance Sheet and leverage ratios have strengthened further during the quarter.”
