CEAT Limited reported a consolidated net profit of Rs 181.3 crore during Q3 FY24 as against Rs 34.8 crore reported in Q3FY23, translating into a year-on-year jump of 420.2%.
On the other hand, the company's operating revenues on other had increased by 8.7% to Rs 2,963.1 crore in Q3 FY24 in comparison to Rs 2,727.2 crore reported in Q3FY23, the company informed in a regulatory filing.
"On a YoY basis, healthy volume growth across replacement and OEM segments. Exports also continue to recover," the company said in an investor presentation.
Arnab Banerjee, MD and CEO, CEAT Limited, said, “Replacement and international business reflected strong growth on a YoY basis. While margins for the quarter were healthy, we witnessed a marginal drop primarily on account of an increase in input costs. With stronger growth in premium segments in the domestic market and recovery in international markets, we expect stronger growth in the forthcoming quarters.”
Kumar Subbiah, CFO of CEAT Limited, said, “Our consistent efforts in improving cost efficiencies and mix are yielding benefits as we ended another quarter with strong operating margins. Our continuous focus on generating healthy cash flows has helped us to fund capex from internal accruals and also in the reduction of gross debt in the quarter by Rs 163 crore. Our Balance Sheet and leverage ratios have strengthened further during the quarter."