New Delhi, India – 8th November 2022:

CEAT Limited (CIN No: L25100MH1958PLC011041), an RPG Group company, announced its unaudited results for the second quarter ending on 30th September 2022.

On a consolidated basis, the Company’s revenue closed at Rs. 2,894 crore, EBITDA margin stood at 7%, an expansion of 96 bps vs Q1 FY22-23. Net profit stood at Rs. 6.4 crore.

Commenting on the results as well as the outlook of the business, Mr. Anant Goenka, Managing Director, CEAT Limited, said, “The domestic market continues to witness an uptick in demand, which has led to strong growth in the OEM segment. During the quarter, we made price adjustments in the 2-Wheeler segment, which has positively impacted our margins. Internationally, we are beginning to see some headwinds in developed markets. Going forward, we expect the second half of this year to be better in terms of revenue and margins because of improving domestic demand and stabilizing commodity prices.”

On a standalone basis, the Company’s revenue stood at Rs. 2,886 crores and EBITDA margin stood at 7.1%, an expansion of 127 bps vs Q1 FY22-23. Net profit stood at Rs. 29.9 crore.

Mr. Kumar Subbiah, CFO of CEAT Limited, said, “There have been some corrections in the commodity prices recently, and if the trend continues, we expect it to positively impact the business in the coming quarters. We continued to keep tight control on cashflows and costs during the quarter. Our consolidated net debt has increased by Rs. 197 crore during the quarter largely due to capex and movement in working capital.”

By Prabeen