Tyre manufacturer CEAT Ltd today reported a 1.74 per cent decline in its consolidated net profit at Rs 82.10 crore for the quarter ended December 2017.
The company had posted net profit at Rs 83.56 crore during the same period of the previous fiscal, Ceat Ltd said in a regulatory filing.
Total income during the quarter under review stood at Rs 1,580.78 crore as against Rs 1,562.94 crore in the year-ago period.
“We witnessed steady growth in our topline driven by robust volumes across passenger, two-wheelers and commercial vehicle tyres segments,” CEAT Ltd Managing Director Anant Goenka said.
The company said its board has approved an investment of approximately Rs 706 crore towards capacity expansion of greenfield project for passenger tyres thereby investing an aggregate amount of Rs 3,506 crore up to FY22, up from Rs 2,800 crore.
The board also approved additional investment of Rs 168 crore in its wholly-owned subsidiary CEAT Speciality Tyres Ltd.
The company’s stock today closed 3.64 per cent up at Rs 1,884.35 apiece on BSE.