Ceat reports Q1 FY2020 net profit at Rs 87 crore

by Autocar Pro News Desk , 01 Aug 2019

Ceat Limited, one of India's leading tyremaker and part of the RPG Group, today announced its financial results for the first quarter ending June 30, 2019. The company reported a consolidated revenue of Rs 1,752 crore, PAT at Rs 82 crore , up 15 percent.

On a standalone basis, the company says its India operations grew marginally to report a revenue of Rs 1,704 crore, and standalone PAT came at Rs 87 crore.

Commenting on the results, Anant Goenka, MD, Ceat said, “The impact of fall in demand from automobile manufacturers has been felt across the tyre industry. However, we have been able to counter the slowdown in OEM sales with replacement and export market sales.”

Kumar Subbiah, CFO, Ceat, said, “As the market was relatively weak, we kept strong controls on our discretionary operational expenses. We generated good cash flow through reduction in working capital that helped minimize our borrowing for capital expenditure requirement.”