CEAT Announces Audited Results For The Fourth Quarter And Full-Year

MUMBAI
CEAT Limited an RPG Group company, announced its audited results for the
fourth quarter and full-year ending on 31st March 2023.

On a consolidated basis, the Company’s revenue for the full year FY22-23 closed at Rs. 11,315 crore, EBITDA stood
at Rs. 982 crore, and PAT stood at Rs. 182 crore. The revenue for the quarter closed at Rs. 2,875 crore and EBITDA
margin stood at 13.1%, an expansion of 458 bps vs Q3 FY22-23. Net profit stood at Rs. 132 crore.
Commenting on the results as well as the outlook of the business, Mr. Anant Goenka, Vice Chairman, CEAT
Limited said, “We are happy that we crossed an important milestone of Rs 10,000 crore of revenue during the
course of the quarter and ended the year with a revenue of Rs 11,263 crore. We delivered a strong growth of 21%
in FY23, contributed by both volume and price. Our growth during the year was largely driven by OEMs and
specialty & passenger category tyres. On exports, we continue to face pressure as a result of the global economic
headwinds, largely spurred by the ongoing war and the currency devaluation. However, we have begun to see
some recovery in exports and the replacement market, especially in the commercial category. We are hopeful that
the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation
slows down. We have ended the year on a positive with margins back to double digits. We have also managed to
bring down our debt sharply in Q4 and with strong balance sheet, we are in a good position to provide necessary
capital for the future.”

On standalone basis, the Company’s revenue for the full year FY22-23 closed at Rs. 11,263 crore, EBITDA stood at
Rs. 977 crore, and PAT stood at Rs. 206 crore. The revenue for the quarter stood at Rs. 2,863 crore and EBITDA
margin stood at 12.9%, an expansion of 422 bps vs Q3 FY22-23. Net profit stood at Rs. 132 crore.
Mr. Kumar Subbiah, CFO of CEAT Limited, said, “We are pleased to share that our margins have expanded, and
we are back to double digit margins in the quarter. As part of our continuous effort to bring efficiencies in
cashflow, it has helped us reduce our debt by approximately Rs. 250 crore in the quarter, supported by improved
operational performance and reduction in overall inventories. Drop in raw material prices and
maintaining product realization helped in the expansion of gross margins and EBITDA margins by 422 bps during
the quarter. The actual overall capex for the year was close to Rs. 900 crore in line with our plan that we managed
to largely fund through internal accruals.”

The Board of Directors at its meeting held today has approved a dividend payment of 120% on equity shares for
FY22-23. This is subject to approval of shareholders.