Ceat’s Net Profit up by 50 Percent during Q4

Kolkata, May 22 (IANS): RPG Group owned tyre maker Ceat on Friday said its net consolidated net profit during the fourth quarter of 2014-15 rose by over 50 percent at Rs.93.91 crore against Rs 62.42 crore during the same period in 2013-14.

The company’s net sales rose to Rs.1,466.04 crore, as against Rs.1,443.87 crore during the same quarter a year ago.

During 2014-15, the company posted a net profit of Rs. 317.18 crore, up by nearly 17 percent against Rs. 271.24 crore during 2013-14.

In fiscal 2015, net sales rose to Rs.5,754.77 crore against Rs.5,507.77 crore during 2013-14.

“In 2014-15, we experienced a steady growth the replacement market and in the passenger categories of tyres. We have also added new OEMs to our portfolio which will benefit us in the longer run,” the company’s managing director, Anant Goenka said in a statement.

About investments made in the recent past, he said: “Part of Rs.400 crore raised earlier this year is being utilised in expanding our passenger car and two-wheeler tyre capacities in Halol and Nagpur respectively. The expansion plans are on track and we will start commercial production at both Halol and Nagpur plants in fiscal 2016.”