Tyre maker CEAT Ltd posted a net profit of ₹144 crore for the quarter that ended in June as against ₹9 crore reported during the same quarter last year.
The company earlier reported ₹133 crore profit during the March quarter. Revenue from operations grew by 4.1 per cent in the quarter ended in June at ₹2,935 crore as against ₹2,818 crore during the same quarter last year. CEAT Ltd’s revenue from operations saw an increase of 2.1 per cent from the March quarter of ₹2,874 crore.
“Replacement and International business are looking good with good product-market fit. Our product performance continues to get accepted as superior across key geographies. Better sweating of assets, improved efficiencies through digital interventions and otherwise, shall improve margins going forward,” said Arnab Banerjee, MD & CEO of CEAT Limited.
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“During the quarter, we have focused and optimised operational efficiencies. Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year. Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by ₹97 crores,” said Kumar Subbiah, CFO of CEAT Limited.