CEAT share price rallies over 4% after multi-fold jump in Q1 net profit
₹2,592.50 apiece on the BSE. CEAT Ltd, posted a consolidated net profit of ₹144 crore in the first quarter of FY24 as compared to ₹9.25 crore in the corresponding period last year. The tyre company's revenue from operations during Q1FY24 rose 4.1% to ₹2,935.2 crore from ₹2,818.4 crore in the year-ago period.
On the operating performance, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter stood at ₹384.7 crore, compared to ₹171.3 crore in the year-ago period. EBITDA margin expanded to 13.2% in Q1FY24 from 5.9%, YoY. CEAT Q1 results were announced on Tuesday.
Read here: CEAT Q1 Results: Net profit at ₹144.6 crore, revenue rises 4% to ₹2,935 crore; check details “Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year. Our continuous focus on cash has helped us reduce our debt for the second consecutive quarter, and we have seen a reduction in our standalone gross debt by ₹97 crore," said Kumar Subbiah, CFO of CEAT Ltd. CEAT share price has witnessed a decent rally this year so far.
CEAT shares have gained more than 54% YTD and have more than doubled in the last one year period. CEAT stock hit a 52-week high of ₹2,640.00 on July 10, 2023, while it touched 52-week low of ₹1,200.00 on July 26, 2022. At 12:40 pm, the shares of CEAT Ltd were trading 2.31% higher at ₹2,534.10 apiece on the BSE.
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