Tyre maker Ceat reported a 167 pc growth in profit for the December quarter on the back of good recovery in supply to automakers as well as for replacement demand. Consolidated net profit climbed to Rs 132.34 crore in the third quarter ended on December 31, 2020, riding on robust sales.
Consolidated revenue from operations stood at Rs 2,221.25 crore in the quarter under review as against Rs 1,761.77-Cr in the year-ago period, a growth of 26 percent, it added. Commenting on the company's performance, Ceat Ltd Managing Director Anant Goenka said,
"This quarter's growth has been achieved on the back of new capacities across segments, particularly passenger car, two-wheeler and farm segments." The replacement market has been buoyant because of consumer preference in personal mobility and strong rural demand, he added. Goenka said, "All our factories are operating at high capacity levels and we are confident in maintaining strong growth.”