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Ceat lifts profits in Q2 FY23-24

Ceat Limited has reported consolidated revenue of Rs 30.53 billion (£301.1 million, US$366.8 million) for the three months ending on 30 September 2023, the second quarter of its 2023-24 financial year. This result reflects a 5.5% year-on-year rise in revenue. The Q2 FY23-24 EBITDA margin was 15.1%, up 202 bps on the prior quarter and 808 bps year-on-year. Net profit amounted to Rs 2.08 billion (£20.5 million, $25.0 million), an amount 44.2% higher than the prior quarter and an eye-watering 3125.5% increase year-on-year.

17th October 2023/by Stephen

Ceat establishes Brazil subsidiary

Company News, International News

According to notifications sent to BSE and the National Stock Exchange of India, tyre maker Ceat Ltd. has set up a wholly-owned subsidiary in Brazil. Ceat Brazil Tires Servicos Ltda has been incorporated, effective 2 October 2023 as an entity for trading products on behalf of Ceat Ltd. Ceat reports that this subsidiary is “yet to commence business.”

4th October 2023/by Stephen

Ceat gains Deming Grand Prize

Company News, International News

The Deming Prize Committee has awarded its 2023 Deming Grand Prize to Ceat Ltd. The Indian firm is the first tyre maker in the world to gain this top Deming accolade, which is awarded for ongoing excellence in Total Quality Management (TQM).

4th October 2023/by Stephen

Ceat appoints new R&D head as focus shifts to European car tyre introduction

Career Tracks, International News

Ceat recently appointed Renji Issac, Senior Vice President R&D and Technology in India. Issac took over from Peter Becker, Senior Vice President R&D and Technology effective 1 May. Becker was globally responsible for quality tyre development and implementation in Europe from July 2017 to 30 April 2023.

12th September 2023/by Chris

Ceat’s latest OE-winning range of agri and agro-industrial tyres

CEAT Specialty showcased its Spraymax, Farmax R80, Farmax R65, Farmax RC, Floatmax RT and Floatmax FT range at the Royal Highland Show in Edinburgh at the end of June.

31st August 2023/by Chris

Ceat acquires remaining Tyresnmore shares

Company News, International News

Indian online tyre retailer Tyresnmore.com is now a wholly owned subsidiary of Ceat Ltd. On 4 August, the tyre maker entered into a share purchase agreement with Tyresnmore Online Private Limited to acquire 108,637 equity shares in the business, an amount equal to a 39.34% of its total share capital.

7th August 2023/by Stephen

Ceat boosting TBR capacity to meet international growth ahead of US launch

Company News, International News

In January 2022, Ceat announced it had “curbed” its ambition in the truck and bus radial segment and was looking to shift its investment focus to off-highway tyres. The company now appears to have reconsidered this step and is reactivating previously approved TBR capacity expansion plans.

2nd August 2023/by Stephen

Ceat Q1 2024 financial results

Ceat Limited has announced its unaudited results for the first quarter of its 2024 financial year, the three months ending on 30 June 2023. Consolidated revenue is up 4.1% YoY, to Rs 29.35 billion (£277.7 million), with an EBITA margin of 13.1%.

26th July 2023/by Stephen

Ceat & Marangoni begin India retreading partnership

International News, Retreading

Marangoni S.p.A. and Ceat Limited have entered into a strategic partnership to provide tyre retreading solutions in the Indian market. By combining Ceat’s tyre casings with Marangoni’s retreading technology, the two firms intend to provide customers with “an optimum solution that offers extended tyre life, superior performance, and cost-effectiveness.” Ceat and Marangoni also view the partnership as a means of expanding their franchisee networks.

25th July 2023/by Stephen

Ceat tyres for Case IH & New Holland tractors

CNH Industrial has approved Ceat Specialty to supply agricultural radials for farming equipment manufactured in Brazil and Argentina, and this new relationship commences with shipments of Ceat Farmax tyres for fitment on Case IH and New Holland tractors. Ceat Specialty shares that the agreement followed the OEM engaging in “several rounds of assessment and audits” relating to Ceat’s radial tyre plant in Mumbai, India.

27th March 2023/by Stephen

Ceat names Anant Goenka vice chairman, Banerjee to become MD & CEO

A new managing director and chief executive officer will take the helm of Ceat Ltd. from 1 April 2023. The Indian tyre maker has appointed current chief operating officer Arnab Banerjee as successor to Anant Goenka in both positions for a term of two years. On this date, Goenka will become Ceat’s vice chairman and in this role will lead parent company RPG Enterprises into “new business segments.”

20th March 2023/by Stephen

Peter Cawson heading Ceat Specialty’s UK/Ireland business

Ceat Specialty has appointed Peter James Cawson to lead the company’s growing business in the UK and Ireland. The new Business Development Specialist brings with him 16 years of tyre industry experience, most recently at Michelin, where he served as a territory business manager.

23rd February 2023/by Stephen

Does Apollo occupy 35% of the Indian tyre market?

International News

At the start of 2022, several sources on social media shared a chart suggesting that Apollo Tyres is the biggest tyre manufacturer by market share. And what’s more, Michelin was nowhere to be seen. “Don’t believe every meme you see” is great advice for everyone, but for us “check your sources” is a basic rule of thumb. So, we had to take a closer look at those market share claims and found that, while there’s no smoke without fire and they do relate some truth, there is also a fair bit more to the story.

30th January 2023/by Chris

Ceat: Q3 2022 financial results

Ceat Limited, an RPG Group company, reports consolidated revenue of Rs 27.27 billion (£269.9 million) for the three months to 31 December 2022, the third quarter of its financial year. This result represents a year-on-year increase of 13.0 per cent. EBITDA rose 61.8 per cent year-on-year to Rs 23.14 billion (£229.0 million), with an EBITDA margin of 8.5 per cent, up 256 bps compared with the same period of last year. Net profit stood at Rs 348 million (£3.4 million).

27th January 2023/by Stephen

Ceat plant named a WEF Lighthouse

Ceat has become the first tyre brand to gain World Economic Forum (WEF) ‘Lighthouse’ certification. Managing Director Anant Goenka accepted the honour at a ceremony in Davos on Monday. The tyre maker’s Halol plant in India is one of just 132 facilities in the WEF Lighthouse Network.

18th January 2023/by Stephen