CEAT has registered a revenue of INR 2,935 crore with an EBITDA margin of 13.1% and a net profit of INR 144 crore in Q1FY24.
On a standalone basis, the company’s revenue stood at INR 2,921 crore and an EBITDA margin of 13.2%, with a net profit of INR 159 crore.
Kumar Subbiah, CFO, CEAT, stated that the company has focused and optimised on operational efficiencies during the quarter. “Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year,” he added.
The company's focus on cash has helped it reduce its debt for the second consecutive quarter and has seen a reduction in the standalone gross debt by INR 97 crore.
Arnab Banerjee, MD and CEO, CEAT, noted that replacement and international business are looking good with a good product-market fit while the product performance continues to get accepted as superior across key geographies.