Ceat reports increased revenues, lower profits in Q2

ERJ staff report (DS)

Mumbai, India - Net revenues at Indian tyre maker Ceat Ltd increased by 6 percent in the three months to September 2012. Pre-tax profits (EBITDA) fell in the period, as did margins.

The company said net revenues hit Rs 11,638 million (euro 167 million) in the three months, up from Rs 11,019 million a year ago. Pre-tax profit fell to Rs 41 million compared with Rs 83 million a year earlier.

The company has increased its total volumes of radial to 15 percent of production, compared with 85 percent cross-ply. In financial year 2010, the figure was 2:98. Meanwhile exports have risen to 22 percent of sales by volume from 19 percent in 2010. OEM sales grew to 24 percent from 12 percent in FY2010. Domestic replacement sales have declined to 54 percent from 69 percent in the same period.

By weight, the company sells 54 percent of its products into the truck/bus market; 16 percent into 2- and 3- wheelers and 10 percent into light commercial vehicles.

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Press release from Ceat (PDF)