On a consolidated basis, the net profit of Ceat slumped 81.3% to Rs 7.83 crore in the second quarter of FY23 as compared with Rs 41.98 crore recorded in the second quarter of FY22. Revenue from operations jumped 18.1% to Rs 2,894.48 crore in Q2FY23 from Rs 2,451.76 crore posted in Q2FY22. The profit before exceptional items stood at Rs 40.71 crore in the second quarter of FY23, declining 29.89% from Rs 58.07 crore reported in the second quarter of FY22. The company recorded exceptional items of Rs 23.7 crore in the second quarter of FY23.

In the second quarter, its EBITDA declined 9.6% to Rs 203.8 crore as against Rs 225.5 crore posted in the second quarter of FY22. EBITDA margin decreased to 7% in the second quarter of FY23 compared to 9.2% recorded in FY22.

Kumar Subbiah, CFO of CEAT, said, “There have been some corrections in the commodity prices recently. If the trend continues, we expect it to positively impact the business in the coming quarters. We continued to keep tight control of 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.”

This company is an Indian multinational tyre manufacturing company owned by the RPG Group. On 7 November 2022, Ceat Ltd’s shares gained 2.83%, settling at Rs 1,614.75 on BSE.