Ceat Q3 sales and margins up
Indian tyre major Ceat’s consolidated net sales for the third quarter FY 17-18 grew by 12.6% YoY to Rs 1574 crores. On a consolidated basis, the company EBITDA for Q3 grew by 23% (YoY) to stand at Rs 195 crore and PAT during the quarter stood at Rs. 82 crore.
On a standalone basis, the company’s India operations reported net sales of Rs. 1549 crore, up by 12% YoY, PAT of Rs. 91 crore and EBIDTA of Rs. 138 crores, up by 14.2% YoY.
Anant Goenka, Managing Director, CEAT Limited said “We witnessed steady growth in our topline driven by robust volumes across passenger, two-wheelers and commercial vehicle tyres segments. Our margins have also improved with favorable raw material prices and continued cost efficiencies. We expect robust demand to continue in the passenger segment for which we are looking to also increase our capacities. We recently won the prestigious Deming prize for best quality in manufacturing which has further enabled us to strengthen our credibility with OEM manufacturers.”
Kumar Subbiah, CFO of CEAT Limited, said, “We have managed our raw material procurement well during the quarter while at the same time keeping tight control on our opex spends which has helped us improve our margins. During the quarter, we also managed our working capital well which enabled us reduce high cost borrowings”