CEAT has announced its unaudited results for the third quarter ending December 31, 2016. On a consolidated basis, the company’s revenue stood at Rs. 1,386 crore in Q3 FY17, up by 5.4% on a year or year basis. EBITDA stood at Rs. 158 crore, while margins stood at 11.4% for Q3 FY17. On a standalone basis, India operations reported revenue growth of 4.6% at Rs. 1,371 crore, EBITDA of Rs. 151 crore and PAT of Rs. 94 crore.
Mr. Anant Goenka, Managing Director, CEAT Limited, said, “In the quarter gone by, we have withstood the impact of demonetisation with marginal effect on our volume growth. Margins though, saw a dip on account of the demonetization linked demand drop in the passenger and two wheeler segments. Raw material prices have been seeing an upward trend in the last few months and will put further pressure on margins, if not compensated by price increases next year.”
Recently CEAT has announced the appointment of a new chief financial officer, Mr. Kumar Subbiah, says, “Our debt equity ratio stood at 0.4x and debt to EBITDA at 1.3x. Continuing our strategic focus, we shall be investing over Rs. 2800 crore, for capacity expansion in Passenger Car Radials, Two Wheeler and Truck Bus Radial segment. We also continue to strengthen our balance sheet. In addition to credit rating upgrade by CARE Ratings in Q2 FY17, India Ratings & Research has also upgraded CEAT’s Long term credit rating to ‘AA (Double A)’ from ‘AA- (Double A minus).”
Source: CEAT
