Tyre manufacturer Ceat today reported 125 per cent jump in net profit to Rs 65 crore for the first quarter ended June 30 from Rs 29 crore posted during the same period last year.
Net sales grew by 8 per cent to Rs 1,316 crore in April-June period of the current fiscal as against Rs 1,223 crore posted in Q1, FY-13, the RPG Group company said in statement here.
“Q1 has been positive for Ceat with strong volume growth both in India and Sri Lanka. We have continued to grow in both, the two-wheeler and UV segment,” Ceat Ltd Managing Director, Anant Goenka said.
In the past one year, the company’s net debt has come down by approximately Rs 400 crore, taking the debt equity ratio to 1.2 times (in Q1) from 2 times in the same quarter last year, Goenka said.
“Going forward, we will continue our focus on passenger segment and exports which will drive volume growth in this enigmatic macro environment,” he added.