Indian tyre major Ceat an RP Goenka firm on Thursday reported an 84 percent decline in its consolidated net profit to ₹25 crores for the fourth quarter ended March 2022. The Mumbai-based company had posted a net profit of ₹153 crores for the same period in the January-March quarter of 2020-21.
Revenue from operations, however, increased to 13.19% ₹2,595.28 crores for the fourth quarter compared to ₹2,292.89 crore in the year-ago period, Ceat Ltd said in a regulatory filing.
For the year ended March 2022, the company reported a consolidated net profit of ₹70.58 crores against ₹432.30 crores in 2020-21.
“We are witnessing a recovery in the market, particularly in the replacement and commercial tyre categories. Our international business continues to outperform and we expect it to drive growth in the coming year as well. Margins, however, continue to be under pressure due to rising commodity prices, and other inflationary costs. I am hopeful with Covid restrictions easing in the country, an uptick in GST collections, and an improved business sentiment, we can expect a better FY23 for the business,” Ceat Managing Director Anant Goenka said.