Ceat aims for Rs 50 billion sales by 2012

ERJ staff report (DS)

Mumbai, India -- Ceat Tyres has recorded a net profit of Rs. 1610 million (Euro 27.5 million) in the financial year 2009-10, against a loss of Rs. 161 million last year. net sales grew by 18.6 percent, to Rs. 28 075 million (euro 479 million).

The company said its gross sales exceeded Rs 300 000 million for the year, and has said it expects sales in FY2011-12 to exceed Rs 500 000 milllion.

Announcing the results, Mr. Paras K. Chowdhary, MD, CEAT Ltd. said, “CEAT has bounced back with very good numbers in FY09-10 and we have robust plans for capacity building for Radials, Channel expansion, and Brand building in FY 10-11.”

The company said its radial plant will start production as scheduled, brownfield expansion is underway at Nasik plant and additional outsourced capacity for bike tyres is planned to achieve quantum topline growth.

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Press release from Ceat