Ceat posts Rs 34.85 net profit in third quarter

Mumbai (Maharashtra) [India], January 26 (ANI): Ceat on Thursday said it posted a net profit of Rs 34.85 crore for the quarter ended December 2022. The company had a loss of Rs 20.18 crore in the year-ago period.

Its revenue from operations was at Rs 2,727 crore in the reviewed quarter, against Rs 2,413 crore in the corresponding quarter the previous year, according to a statement shared with exchanges. The company’s operating margin for the quarter was 8.49 per cent, against Rs 5.93 per cent in the year-ago period. The net profit margin was 1.28 per cent in the reviewed quarter. It was in the negative territory during the corresponding quarter in the year-ago period.

The company said its earnings per share was Rs 8.75 during the reviewed quarter. The earnings per share were (negative) Rs 4.95 during the corresponding quarter in the last fiscal.

The company in the statement said its inventory turnover ratio for the third quarter was 8.84 times, against 9.48 times the year-ago period.

Ceat (formerly, Cavi Elettrici e Affini Torino) is an Indian multinational tyre manufacturing company owned by the RPG Group. It was established in 1924 in Turin, Italy. The company said it has a presence in global markets.

According to the company, Ceat produces over 165 million tyres a year and manufactures tyres for passenger cars, two-wheelers, trucks and buses, light commercial vehicles, earth-movers, forklifts, tractors, trailers, and auto-rickshaws. The current capacity of Ceat tyres’ plants is over 800 tonne per day.