Tyre maker CEAT, a part of the RPG Group, reported a net profit of Rs 132 crore in the fourth quarter, aided by higher revenue and lower raw material cost.

The company’s consolidated net revenue from operations stood at Rs 2,874.8 crore in Q4FY23 versus Rs 2,592 crore in the corresponding period last year.

The total revenue from operations in FY23 were at Rs 11,314.9 crore versus Rs 9,363.4 in FY22

The management said that the company delivered a strong growth of 21% in FY23, contributed by both volume and price. Growth was driven largely by OEMs and specialty and passenger category tyres. 

“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,” said Anant Goenka, Vice Chairman, CEAT, cautioning that on exports they continued to face headwinds spurred by the war and currency devaluation. He was hopeful that the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation slows down.

Kumar Subbiah, CFO of CEAT said that the overall capex for the year was Rs 900 crore.

The Board of Directors has approved a dividend payment of 120% on equity shares for FY22-23.