Ceat Q2 net profit surges four-fold to Rs 182 cr

We ramped up our capacities to pre-COVID levels very quickly and ensured on-time supplies to customers," Ceat MD Anant Goenka said in a statement. The company continued to focus on the wellbeing of its people and partners, and have embarked on reducing costs, which should pay further dividends over the next few quarters, he added.

Tyre maker Ceat on Tuesday reported over four-fold increase in its consolidated net profit to Rs 182.18 crore for the second quarter ended September 30. The company had posted a net profit of Rs 43.64 crore in the July-September period previous fiscal.

The tyre maker's revenue from operations during the second quarter stood at Rs 1,978.47 crore as compared to Rs 1,691.55 crore in the year-ago period. "We have witnessed strong growth across categories on the back of a challenging business environment. We ramped up our capacities to pre-COVID levels very quickly and ensured on-time supplies to customers," Ceat MD Anant Goenka said in a statement.

The company continued to focus on the wellbeing of its people and partners, and have embarked on reducing costs, which should pay further dividends over the next few quarters, he added. "Demand for the next quarter continues to look strong, with an uptick in rural and personal mobility, and channel filling in preparation of ongoing festive demand. We are also working on building resilience into our supply chain as we ramp up sourcing locally, in line with the government's vision of an Aatmanirbhar Bharat. We remain optimistic for the growth of the business," Goenka noted.

Ceat said it has commissioned the second phase of its Nagpur-based manufacturing facility with effect from August 24. "The plant would be ramped up over a period of time, based on market demand and overall capacities," it added.

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