Ceat Q1 FY23-24 Consolidated Revenue Rs. 2,935 Crore

KOCHI:
CEAT Limited (CIN No: L25100MH1958PLC011041), an RPG Group company, announced its unaudited results for the first quarter ending on 30th June 2023.

On a consolidated basis, the Company’s revenue closed at Rs. 2,935 crore, EBITDA margin stood at 13.1%. Net profit stood at Rs. 144 crore.

Commenting on the results as well as the outlook of the business, Arnab Banerjee, MD & CEO, CEAT Limited said, “Replacement and International business are looking good with good product – market fit. Our product performance continues to get accepted as superior across key geographies. Better sweating of assets, improved efficiencies through digital interventions and otherwise, shall improve margins going forward.”

On a standalone basis, the Company’s revenue stood at Rs. 2,921 crore and EBITDA margin stood at 13.2%. Net profit stood at Rs. 159 crore.

Kumar Subbiah, CFO of CEAT Limited, said, “During the quarter, we have focused and optimized on operational efficiencies. Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year. Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by Rs. 97 crore.”