Ceat Q4 net soars 33%, up over 6-fold in 2012-13 | business | Hindustan Times
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Ceat Q4 net soars 33%, up over 6-fold in 2012-13

business Updated: May 07, 2013 21:50 IST
Ceat Tyres

Tyre maker Ceat on Tuesday reported 32.83% increase in consolidated net profit to Rs 64.90 crore for the fourth quarter ended March 31 from Rs 48.86 crore during the corresponding period last year.

The consolidated net income also went up by 5.69% to Rs 1,345.70 crore from Rs 1,273.25 crore in the year-ago period.

For the entire 2012-13 financial year, the RPG Enterprises firm witnessed a jump of over six-fold in its consolidated net profit at Rs 120.19 crore compared to Rs 18.19 crore in the previous fiscal.

The consolidated net income rose by 8.59% to Rs 5,052.21 crore in FY’13 from Rs 4,652.71 crore in FY’12.

Commenting on the results, Ceat managing director Anant Goenka said: “This financial year has been a positive story for us. We have witnessed an EBITDA expansion of 320 BPS for the full year on account of higher realisations due to change in product mix and soft raw material prices.”

He claimed that the company has consolidated its position in the two-wheelers segment by increasing its market share.

“Focused advertising campaigns have been a key catalyst to this market share growth. Going forward, we will continue our investments in building a strong brand,” Goenka said.

Talking about its debt, Ceat chief financial officer Manish Dugar said: “With improved operational efficiency and focus on tight working capital management, we have been able to reduce our debt by Rs 273 crore to Rs 1,038 crore from Rs 1,311 crore in FY’12.”

Shares of Ceat closed trading 4.49% up at Rs 118.65 apiece on the BSE on Tuesday.