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Ceat Q2 consolidated net profit up 7%

Ceat’s consolidated net profit for the second quarter ended September 30, 2014 increased by 7.57% to Rs82.35 crore. Ceat’s consolidated net profit for the same quarter last year was Rs75.65 crore, according tothe Mumbai-based tyre company’s filing to the BSE.

Total consolidated net income of the company during the quarter under the review increased 7.67% to Rs1,437.77 crore against Rs1,335.34 crore in the same year of previous year.

However, the company’s consolidated net profit for the first half of FY 2014-15 fell 5.54% to Rs134.01 crore compared with Rs141.87 crore in the year-ago period.

In a separate filing to the BSE, Ceat said that board of the company approved an investment of Rs420 crore to set up a tyre manufacturing facility for two-and-three wheelers. The company has also approved an investment of Rs59 crore for implementing a project to manufacture special tyres through a subsidiary company.

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