Ceat YOY profit surges

India’s Ceat Limited has reported a nine per cent growth in year-on-year revenues for the quarter ending 30 September 2013. On a standalone basis, revenues in this second quarter of the company’s financial year rose to Rs 12.63 billion (£127.6 million). Pre-tax profit rose from Rs 41 million in the second quarter of 2012 to Rs 1.1 billion (£11.1 million) in the most recent quarter. EBITDA for the second quarter of the 2014 financial year stood at 13.1 per cent, compared with 6.7 per cent in the corresponding quarter of the previous year.

Consolidated EBITA margins stood at 13.8 per cent compared with 7.2 per cent a year earlier. The company’s profit after tax rose to Rs 770 million (£7.8 million) from Rs 38 million year-on-year, while net sales increased to Rs 13.2 billion (£133.4 million).

“Q2 has been positive for Ceat with strong volume growth in passenger segments,” stated company managing director Anant Goenka. “Going forward, we expect both growth and margins to be on similar levels. Our Sri Lankan operations too continue to show robust and profitable growth.”

Ceat CFO Subbarao Amarthaluru added: “On a consolidated basis, we have clocked EBITDA of around RS 340 crore (£34.4 million) for the first half of the current fiscal as compared to Rs 450 crore clocked for the full year ended March 2013. This is indeed very encouraging.”