CEAT posts 22% dip in internet revenue in This autumn

 Tyremaker CEAT Ltd reported a 22 per cent dip in internet revenue with ₹102 crore for the quarter that resulted in March in opposition to ₹132 crore reported throughout the identical quarter final 12 months. The corporate reported a 43 per cent dip in revenue with ₹182 crore registered within the December quarter. 

The board of administrators all accredited a dividend of ₹30 that’s 300 per cent (Three Hundred per cent) per fairness share of the face worth of ₹10 every totally paid up, for the monetary 12 months ended March 31, 2024. 

The Mumbai-headquartered firm’s income from operation grew by 4 per cent with ₹2,991 crore in March against ₹2,874 crore throughout the identical quarter final 12 months. The corporate witnessed a 0.94 per cent improve in income from the December quarter with ₹2,963 crore.

“The corporate ended the 12 months on a optimistic notice, we noticed a restoration in volumes within the second half of the quarter in alternative and worldwide markets with steady margins for the quarter and vital enchancment within the margins on a full-year foundation and count on the optimistic momentum in Q1FY25. We have now achieved commendable progress, largely attributable to share acquire in passenger classes each in 2W and 4W and substantial enlargement throughout the export section. Total, our income & margins grew considerably in the course of the 12 months. The working margins for the quarter embrace extra provisions made in direction of Prolonged Producer’s Accountability (EPR) associated necessities imposed on the Tyre Business by the Authorities of India,” stated Arnab Banerjee, MD and CEO, CEAT Restricted.

The corporate registered a progress of 20 per cent year-on-year in its exports. 

Debt discount

CEAT Ltd has managed to scale back its general debt year-on-year. 

“As part of our steady effort to carry efficiencies in cashflow, it has helped us cut back our consolidated gross debt by roughly ₹100 crore within the quarter. The precise general capex for the 12 months was near roughly ₹860 crore consistent with our plan that we managed to fund by way of inner accruals. It has been a gratifying 12 months general, marked by optimistic free money movement, a major discount in debt, enchancment in working margins and the upkeep of wholesome steadiness sheet leverage ratios,” stated Kumar Subbiah, CFO of CEAT Restricted.