CEAT reports 7% increase in Q1 net profit to Rs 154 crore

CEAT Q1 earnings: Tyre manufacturer CEAT Ltd reported a 7 per cent increase in consolidated net profit, reaching Rs 154.18 crore for the June quarter. This is an improvement from the Rs 144.01 crore net profit recorded in the same period last year, according to a regulatory filing by the company.

The company's consolidated revenue from operations rose to Rs 3,192.82 crore, compared to Rs 2,935.17 crore in the corresponding period of the previous year.

Total expenses for the quarter increased to Rs 3,003.56 crore, up from Rs 2,739.14 crore in the same quarter last year.

CEAT Ltd's Managing Director and CEO, Arnab Banerjee, commented on the performance, stating, "We are encouraged by the strong growth we've had in the replacement and export segments across all categories during the quarter. Despite facing margin pressure from significant increases in raw material costs and ocean freight, we are actively mitigating these challenges through strategic price adjustments."

Banerjee also highlighted the company's strategic focus on premiumising passenger car tyres, noting that it has begun to yield positive results.

Looking forward, Banerjee said, "We anticipate continued momentum in volume throughout Q2 and beyond."

(With PTI inputs)