Tyre maker CEAT posts multifold jump in Q1 profit at Rs 71 cr
Revenue from operations rose to Rs 1,706.33 crore as compared with Rs 1,459.72 crore in April-June, 2017-18, Ceat said in a regulatory filing.Revenue from operations rose to Rs 1,706.33 crore as compared with Rs 1,459.72 crore in April-June, 2017-18, Ceat said in a regulatory filing.
Tyre maker Ceat today reported multifold increase in consolidated net profit at Rs 71.44 crore for June quarter, compared to Rs 1.37 crore in the year-ago period, riding on robust demand from commercial vehicle makers.
"We are seeing steady growth across all categories led by strong revival of commercial vehicle segment. The industry has finally overcome the hiccups after the rollout of GST which had impacted the industry during first two quarters of 2017-18," Ceat Managing Director Anant Goenka said.
The company's board, which met today, also ratified an MoU signed with Tamil Nadu government on July 4, 2018.
Under the MoU, the state government has agreed to offer various incentives to the company, Ceat said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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