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Ceat Q1 net dips 21% at Rs 52 cr

 HughNoah
  42
 May 31, 2024

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NEW DELHI: The tire manufacturer today reported a 20.91% decline in sales and a consolidated net profit of Rs 5,166 crore for the first quarter ended June 30, 2014-15.

The net profit for the month of April-June 2013-14 stood at Rs 653.2 crore. However,, Ceat Ltd in to the BSE based on the filing, net sales rose to Rs 14, 531 crore in the first quarter of 2014-15 as against Rs 1, 316.91 crore in the same period last year.

Anant Goenka, Managing Director, Ceat The company said it is beginning to see positive changes in the passenger and commercial space, but it is still too early to expect profits. “It was business as usual for us in the first quarter of FY 2014-15.

We have been successful in reducing our debt levels. Our debt/equity is now at a healthy level of 1:1. Interest expense is down by 4, down by 4 million rupees and the impact is visible. The impact is evident,” said Subba Rao Amarthaluru, Chief Financial Officer (CFO), Ceat.

Ceat shares closed at Rs 626.45 per share on BSE, down 5.84% from the previous close.

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