Q3 FY23-24 Consolidated Revenue Rs. 2,963.1 crore

Growth of -3.0% Q-o-Q; 8.7% Y-o-Y
Consolidated EBITDA Rs. 425.7crore, Operating margin 14.4%

Bengaluru – 25th January 2024:

CEAT Limited (CIN No: L25100MH1958PLC011041), an RPG Group company, announced its unaudited results for the third quarter ending on 31st December 2023.

On a consolidated basis, the Company’s revenue closed at Rs. 2,963.1 crore, EBITDA margin stood at 14.4%, a contraction of 76 bps vs Q2 FY23-24. Net profit stood at Rs. 181.3 crore.

Commenting on the results as well as the outlook of the business, Mr. Arnab Banerjee, MD & CEO, CEAT Limited said, “Replacement and International business reflected strong growth on YoY basis. While margins for the quarter were healthy, we witnessed a marginal drop primarily on account of increase in input cost. With stronger growth in premium segments in domestic market and recovery in international markets, we expect a stronger growth in the forthcoming quarters”.

On a standalone basis, the Company’s revenue stood at Rs. 2,949.0 crore and EBITDA margin stood at 14.1%, a contraction of 89 bps vs Q2 FY23-24. Net profit stood at Rs. 176.7 crore.

Mr. Kumar Subbiah, CFO of CEAT Limited, said, “Our consistent efforts in improving cost efficiencies and mix are yielding benefits as we ended another quarter with strong operating margins. Our continuous focus on generating healthy cash flows has helped us to fund capex from internal accruals and also in the reduction of gross debt in the quarter by Rs. 163 Cr. Our Balance Sheet and leverage ratios have strengthened further during the quarter”