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Shares of tyre maker CEAT plummeted 9% to Rs 2,383 in Friday's intraday trade on BSE after the company reported a 23% decline in its net profit to Rs 102 crore for the fourth quarter ended March 2024. The company had posted a net profit of Rs 132 crore in the January-March quarter of 2022-23.
Ceat's consolidated net profit witnessed a decline of 22.8%, reaching Rs 102.27 crore in Q4FY24, compared to Rs 132.42 crore in Q4 FY23.
The CFO of Ceat, Kumar Subbiah, prioritizes overseas export growth, aiming to increase it from the current 18-19% of revenue share to around 25% in the next two years. To achieve this, Ceat plans to launch passenger car radial tyres and truck and bus radial tyres in the US market. The company has witnessed growth in export and replacement businesses, while the OEM business was muted in the last quarter.
Tyremaker CEAT Ltd. reported a fivefold jump in profit in the third quarter and approved a Rs 572-crore capex plan to expand operations. Revenue for the Mumbai-based company saw a 8.6% rise at Rs 2,963.1 crore in the October-December quarter, marginally missing analysts' estimates.