May 20, 2024 12:00 (IST)
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Ceat Q4FY24 net profit drops 22.8% YoY to Rs 102.27 cr

Ceat Q4FY24 net profit drops 22.8% YoY to Rs 102.27 cr

| @indiablooms | 02 May 2024, 11:58 pm

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.

Despite this, the total income for the quarter experienced a year-on-year growth of 4%, amounting to Rs 2,994.2 crore.

The EBITDA margin for Q4 stood at 13.4%, marking a contraction of 97 basis points compared to Q3 FY23–24.

Arnab Banerjee, the Managing Director & CEO of Ceat, noted that the company concluded the year positively. He highlighted a recovery in volumes during the latter half of the quarter in replacement and international markets, alongside stable margins for the quarter and a significant improvement in margins over the full year. Banerjee expressed optimism, anticipating a positive momentum in Q1 FY25.

"We have achieved commendable growth, largely attributable to share gains in passenger categories both in 2W and 4W and substantial expansion within the export segment. Overall, our profits & margins grew significantly during the year. The operating margins for the quarter include additional provision made towards Extended Producers Responsibility (EPR) related requirement imposed on Tyre Industry by the Government of India," he added.

On a standalone basis, the company’s revenue stood at Rs. 2,979.2 crore and its EBITDA margin stood at 13.3%, a contraction of 89 bps vs. Q3 FY23-24.

Kumar Subbiah, CFO of CEAT Limited, said, “As part of our continuous effort to bring efficiencies in cash flow, it has helped us reduce our consolidated gross debt by approximately Rs 100 crore in the quarter, supported by improved operational performance. The actual overall capex for the year was close to approx. Rs 860 crore in line with our plan that we managed to fund through internal accruals. It has been a gratifying year overall, marked by positive free cash flow, a significant reduction in debt, improvement in operating margins and the maintenance of healthy balance sheet leverage ratios.”

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