- CEAT Profit rises 33% in Q3 FY14-15, stands at Rs 89 crore
- PAT at Rs 89 crore, up Rs 22 crore (YoY)
- EBITDA up by 190 bps to 13.0%
CEAT Limited, an RPG Group company, announced its unaudited results for the third quarter ending December 31st, 2014. On a standalone basis, the India operations reported revenue of Rs 1,355 crore, marginal decline of 1% YoY. On a consolidated basis, the revenue stood at Rs 1,410 crore, marginal decline of 1% YoY.
Standalone PBT rose by 34% YoY to Rs 122 crore for the quarter. EBITDA for Q3 FY14-15 stood at 12.6% compared to 10.8% in the corresponding quarter of the previous year. The consolidated EBITDA margins stood at 13.0% compared to 11.1% in Q3 last year.
This quarter, volume growth was flat; however margins have improved largely due to raw material benefit coupled with improving product mix.
Mr. Anant Goenka, Managing Director, CEAT Limited said, “On the raw material front, Rubber prices have softened and we expect it to stay around the current levels. Crude prices have started declining and we expect the benefit of the same to come in the next few quarters. Going forward, we expect a steady growth in both, the domestic OEM and replacement tyre markets.”
Elaborating further on the company’s performance, Chief Financial Officer-RPG Group, Mr Subba Rao Amarthaluru, said, “We successfully raised Rs 400 crore in November through QIP for various projects which are currently in progress. Debt/Equity has come down to 0.5 times from 1.1 times, on YoY basis.”
About CEAT Ltd:
CEAT, the flagship company of RPG Enterprises, was established in 1958. Today, CEAT is one of India’s leading tyre manufacturers and has strong presence in global markets. CEAT produces over 15 million tyres a year and offers the widest range of tyres to all segments and manufactures world-class radials for: Heavy-duty Trucks and Buses, Light Commercial Vehicles, Earthmovers, Forklifts, Tractors, Trailers, Cars, Motorcycles and Scooters as well as Auto-rickshaws.
About RPG Enterprises
RPG Enterprises, established in 1979, is one of India’s fastest growing business groups with turnover over Rs 18,000 crore. The group has more than fifteen companies managing diverse business interests in the areas of Automotive Tyres, Infrastructure, IT, Pharmaceuticals, Plantations and Power Ancillaries.