Tyre maker Ceat 's
second quarter consolidated net profit surged 70 percent year-on-year (down 87
percent sequentially) to Rs 3.8 crore.
Its net sales rose just 6 percent from a year ago (down 1
percent quarter-on-quarter) to Rs 1,213 crore in July-Sep.
"Q2 is historically a sluggish quarter for the tyre
industry on account of the seasonal impact of monsoons. Conversely, despite the
challenging macroeconomic environment, we closed the second quarter of this
fiscal year on an optimistic note," said Anant Goenka, MD.
The company's finance costs increased to Rs 50 crore from Rs
48 crore. However, tax expenses declined to Rs 2.5 crore from Rs 3.5 crore.
Ceat's other income last quarter fell 36 percent to Rs 3 crore.
"This quarter has witnessed a change in the sales mix,
with higher growth in OE (original equipment) segment. Exports have been a
challenge as the global environment remains an enigma," Manish Dugar, CFO
said on Monday.
On a standalone basis, Ceat's net profit halved to Rs 2.8
crore, due to exceptional loss of Rs 14 crore due to change in method of recognizing
provision for warranty. Its standalone net sales in July-Sep were up 6 percent
to Rs 1,164 crore.
Ceat shares closed at Rs 109.85, down 6.5 percent from
previous close.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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