Tyre maker Ceat reported a 7% increase in its consolidated net profit, reaching INR 154 crore for the first quarter ending June 2024, compared to INR 144 crore in the same period last fiscal. Revenue for the quarter rose to INR 3,193 crore, up from INR 2,935 crore in the year-ago period, according to a regulatory filing.
Ceat MD & CEO Arnab Banerjee expressed his satisfaction with the company’s performance. “We are encouraged by the strong growth we’ve had in the replacement and export segments across all categories during the quarter,” Banerjee said.
Despite facing challenges such as significant increases in raw material costs and ocean freight, the company is mitigating these issues through strategic price adjustments.
“Our strategic focus on premiumising passenger car tyres has begun to yield positive results. Looking ahead, we anticipate continued momentum in volume throughout Q2 and beyond,” Banerjee added.
The company is also front-loading its capital expenditure this year to effectively meet rising demand. Shares of Ceat closed 1.58% up at INR 2,768.85 apiece on the BSE on Thursday.
