Tyre maker Ceat Ltd today reported 32.5 per cent dip in consolidated net profit at Rs 66.33 crore for the fourth quarter ended March 31, 2017, hurt by continued impact of demonetisation and spike in raw material prices. The company had posted a consolidated net profit of Rs 98.28 crore in the same quarter of previous fiscal, Ceat Ltd said in a statement.
Total income from operations during the quarter under review stood at Rs 1,641.29 crore as compared to Rs 1,563.21 crore in the year-ago period, up 4.99 per cent. The cost of material consumed for the quarter was at Rs 894.47 crore as against Rs 704.98 crore in the year-ago quarter, up 26.87 per cent.
For the fiscal ended March 31, 2017, the company’s consolidated net profit declined by 17.45 per cent to Rs 361.15 crore from Rs 437.54 crore in the previous year. Ceat Ltd said its total income from operations during the year was at Rs 6,441.3 crore as against Rs 6,145.92 crore in the previous fiscal, up 4.8 per cent.
Commenting on the performance, Ceat Ltd Managing Director Anant Goenka said: “Our margins have seen a dip on account of the continued impact of demonetisation and spike in raw material prices.” The board of directors of the company have recommended a dividend of Rs 11.5 per equity share of face value Rs 10 each for the financial year ended March 31, 2017. Shares of Ceat Ltd ended 1.92 per cent up at Rs 1,701.95 on BSE.