CEAT recorded a consolidated web revenue of Rs 208 crore ($24.99 million) for the quarter ending on September 30, in comparison with Rs 78.3 crore within the earlier yr when the corporate confronted increased uncooked materials prices and a one-time expense associated to worker payouts.
Analysts had anticipated a median revenue of Rs 152 crore, in line with LSEG knowledge. Whole quarterly bills decreased by 2.5%, primarily resulting from a 13.6% discount in enter prices.
Mumbai-based CEAT is the primary main tyre maker to report outcomes, and the business is anticipated to profit from declining uncooked materials prices.
Ceat’s income for the three months ending on September 30 rose by 5.5% to Rs 3,053 crore.
Alternative demand, which accounted for 53% of CEAT’s annual gross sales, together with constant gross sales of passenger and business autos, is anticipated to contribute to general business quantity progress of 6% to eight% for the 2024 monetary yr, as famous by Crisil Scores final month.
CEAT’s Chief Govt Officer, Arnab Banerjee, said, “Demand stays secure… Our concentrate on product combine and prudent pricing contributed to margin enchancment in the course of the quarter.”The corporate’s shares closed 1.6% decrease forward of the outcomes
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