Ceat Ltd. grew in the fiscal fourth quarter as its tyre sales revived in the second half of the year, but income took a beating due to an exceptional item.
Consolidated net profit of the tyre-maker fell 22.76% year-on-year to Rs 102.27 crore on the back of revenue that increased 4.07% to Rs 2,991.85 crore in the quarter-ended March 31, 2024, according to an exchange filing on Thursday. Analysts polled by Bloomberg had estimated the top line at Rs 3,055.48 crore and the bottom line at Rs 168.77 crore.
Ceat Q4 FY24 Results: Key Highlights (Consolidated, YoY)
Revenue up 4.07% at Rs 2,991.85 crore (Estimate: Rs 3,055.48 crore).
Ebitda up 6.44% at Rs 391.51 crore (Estimate: Rs 454 crore).
Ebitda margin up 29 basis points at 13.08% (Estimate: 14.90%).
Net profit down 22.76% at Rs 102.27 crore (Estimate: Rs 168.77 crore).
Note: One basis point is one-hundredth of a percentage point.
On Thursday, Ceat shares rose 2.23% to Rs 2,620.70 apiece on the BSE, even as the benchmark Sensex ended the day 0.17% higher at 74,611.11 points. The quarterly results were declared after market hours.
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