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Last Updated : Oct 23, 2019 07:46 AM IST | Source: PTI

Ceat Q2 net profit dips 31% at Rs 44 cr

Total income declined to Rs 1,695.80 crore for the July-September period as compared with Rs 1,775.53 crore in the same period of 2018-19, Ceat Ltd said in a regulatory filing.

 
 
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Tyre major Ceat reported a 30.81 per cent decline in its consolidated net profit at Rs 43.64 crore for the second quarter ended September 30, hit by lower sales. The company had posted a net profit of Rs 63.08 crore during the same period of the previous fiscal.

Total income declined to Rs 1,695.80 crore for the July-September period as compared with Rs 1,775.53 crore in the same period of 2018-19, Ceat Ltd said in a regulatory filing.

"It has been a challenging quarter in terms of top line growth owing to a continued dip in consumer sentiment," Ceat Ltd MD Anant Goenka said.

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However, the company's second quarter Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) and gross margins, have witnessed growth in comparison to the previous quarter thanks to an improved product portfolio, he added.

Ceat CFO Kumar Subbiah said the tyre maker's focus on the right product mix and tight cost management helped it to deliver improved margins during the quarter.

"We had one more quarter of cash flow management that helped us minimise the borrowings to fund our project capex," he added.

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First Published on Oct 23, 2019 07:40 am
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