The company reported a standalone profit of Rs 128 crore for the quarter against Rs 48 crore during the same period last year. Revenue grew by 26% to Rs 2,213 crore.
Earnings before interest, tax, depreciation and amortisation (Ebitda), grew by 78% to Rs 326 crore, while Ebitda margin improved by 430 basis points to 14.7%. One basis point is 0.01%.
“This quarter’s growth has been achieved on the back of new capacities across segments, particularly passenger car, two-wheeler and farm segments. The Replacement market has been buoyant because of consumer preference in personal mobility and strong rural demand,” said Anant Goenka, managing director, Ceat Limited.
“All our factories are currently operating at high capacity levels and we are confident in maintaining strong growth levels over the next few months,” he said.
On a consolidated level, profit grew 152% to Rs 132 crore as revenue grew by 26% to Rs 2,221 crore. Consolidated Ebitda came in at Rs 328 crore, up 79%.
The company expects margin to be under pressure over the next quarter due to increasing raw material prices.
Ceat spent Rs 12.3 crore towards Voluntary Retirement Scheme (VRS) for its employees during the quarter.
The stock of Ceat Limited gained 5.46% to close at Rs 1,271.65 per share on the BSE on Tuesday.