CEAT shares in focus after Q3 net profit falls 46% to Rs 97 crore
CEAT shares will remain in focus on Thursday, January 16, after the company reported a 46.48% decline in consolidated net profit to Rs 97.03 crore for the third quarter ended December 31, impacted by high raw material costs. The company had posted a consolidated net profit of Rs 181.28 crore in the same quarter last fiscal.
Meanwhile, its consolidated revenue from operations stood at Rs 3,299.9 crore, compared to Rs 2,963.14 crore in the year-ago period.
Total expenses were higher at Rs 3,175.58 crore, compared to Rs 2,738.53 crore a year ago. The cost of materials consumed was Rs 2,116.52 crore, up from Rs 1,694.91 crore in the third quarter of the last fiscal, the company said.
«While rising raw material costs have impacted our margins, we progressively passed on part of the increase through price hikes in select categories during the quarter,» CEAT Ltd MD & CEO Arnab Banerjee said.
He added that the strong year-on-year double-digit revenue growth was driven by the replacement segment.
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