Tyre maker CEAT Ltd on Thursday reported an over five-fold rise in consolidated net profit at Rs 132.42 crore in the March quarter, riding on higher revenue and lower raw material cost.
The company had posted a consolidated net profit of Rs 25.43 crore in the year-ago period, CEAT Ltd said in a regulatory filing.
Consolidated revenue from operations stood at Rs 2,874.82 crore in the fourth quarter as compared to Rs 2,591.99 crore in the corresponding period of FY22, it added.
Total expenses were higher at Rs 2,698.88 crore as against Rs 2,570.66 crore in the year-ago period. However, the cost of raw materials consumed was lower at Rs 1,661.18 crore as compared to Rs 1,768.47 crore a year ago.
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For the fiscal ended on March 31, 2023, consolidated net profit was at Rs 182.39 crore as compared to Rs 70.58 crore in FY22.
Revenue from operations in FY23 stood at Rs 11,314.88 crore as against Rs 9,363.41 crore in FY22.
"We delivered a strong growth of 21 per cent in FY23, contributed by both volume and price. Our growth during the year was largely driven by OEMs (Original Equipment Manufacturers) and specialty and passenger category tyres," CEAT Ltd Vice Chairman Anant Goenka said.
On exports, he said, "We continue to face pressure as a result of the global economic headwinds, largely spurred by the ongoing war and the currency devaluation. However, we have begun to see some recovery in exports and the replacement market, especially in the commercial category."
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On the outlook, Goenka said, "We are hopeful that the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation slows down."
CEAT Ltd said its board of directors has approved a dividend payment of 120 per cent on equity shares for FY23.
