Tyre manufacturer CEAT Ltd on Tuesday, July 25, reported a net profit of Rs 144.6 crore for the first quarter that ended June 30, 2023. In the corresponding quarter last year, CEAT posted a net profit of Rs 9.3 crore, the company said in a regulatory filing.

In the first quarter, revenue stood at Rs 2,935.2 crore , up 4.1 percent against Rs 2,818.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA stood at Rs 387.2 crore in the first quarter of this fiscal over Rs 164.8 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 13.2 percent in the reporting quarter compared to 5.9 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Arnab Banerjee, MD and CEO of CEAT, said, "Replacement and International business are looking good with good product-market fit. Our product performance continues to get accepted as superior across key geographies."

Kumar Subbiah, CFO of CEAT, said the company's improved product-mix and procurement efficiencies have helped improve its gross margins, leading to an improvement in overall margins both sequentially and year-on-year.

"Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by Rs 97 crore," he said.

The results came after the close of the market hours. Shares of CEAT Ltd ended at Rs 2,484.00, up by Rs 44.30, or 1.82 percent on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 25, 2023 7:26 PM IST