New Delhi: Tyre major Ceat Ltd on 27 July reported a milti-fold increase in its net profit for the quarter ended 30 June, 2007 at Rs30.35 crore, against Rs0.23 crore in the same period last fiscal.
Gross sale for the quarter under review stood at Rs 601 crore, up 8% from Rs557 crore registered in the same period a year ago, the company said.
Ceat said its EBITDA margin to net sales surged by 490 basis points during the quarter to 9.9 per cent compared to 5 per cent for the same period in the previous year.
“The increase in operating margins is mainly attributed to better product mix, strategic buying of raw materials and sustained efforts towards cost optimisation and lower interest burden despite increase in interest rates and growth in business,” Ceat Ltd Managing Director Paras K Chowdhary said.
The company, which has presence in 100 countries across the globe, plans to further enhance its presence in European markets and boost overall exports.
It is also looking to enhance its radials play through a future investment in a greenfield radial tyre facility.