Ceat has declared its third quarter results. Its Q3 net profit was at Rs 5 crore versus Rs 24 crore. Its net sales were at Rs 887 crore versus Rs 710 crore. The company's raw material cost was at Rs 648 crore versus Rs 465 crore, reports CNBC-TV18.
Anant Goenka, Dy MD, Ceat, in an exclusive interview on CNBC-TV18, said that his company has taken a price hike of 1.5%. At present, rubber prices are at Rs 235 per kg in the domestic market while internationally, they are Rs 20 higher than the domestic price. The company, along with many other players in the tyre industry has found it difficult to pass on the price hike to the consumer in the last three months. However, the price hike, while it will not offset the raw material pressure, it will add stress on the margins going ahead. Below is a verbatim transcript of his interview with CNBC-TV18Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
