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Ceat Q2 results: Net profit jumps four-fold, revenue up 17%

Ceat on Tuesday reported over four-fold surge in profit to Rs 182.18 crore in the July-September quarter of FY21 as against Rs 43.64 crore in the corresponding period of previous year

twitter-logoBusinessToday.In | October 27, 2020 | Updated 18:11 IST
Ceat Q2 results: Net profit jumps four-fold, revenue up 17%
Ceat Q2 results

Ceat on Tuesday reported over four-fold surge in profit to Rs 182.18 crore in the July-September quarter of FY21 as against Rs 43.64 crore in the corresponding period of previous year. The sharply higher net profit in the given period was also helped by a deferred tax credit in the quarter. Revenue from operations jumped 16.96 per cent to Rs 1,978.47 crore, the company said in an exchange filing.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was reported at Rs 292.5 crore as against Rs 170.4 crore in the same period of last fiscal. EBITDA margin stood at 14.8 per cent in the second quarter of FY21.

The company also said that it has introduced a Voluntary Retirement Scheme (VRS) for its employees. The compensation in respect of employees who opted for VRS aggregated Rs 18 lakh for quarter year ended June 30, 2020, Rs 81 lakh for quarter ended September 30, 2019, Rs 18 lakh for six months ended September 30, 2020, Rs 141 lakh for six months ended September 30, 2019 and Rs 1,390 lakh for year ended March 31, 2020, has been disclosed as an exceptional Item.

"In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Group has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying value of the assets will be recovered. The impact of COVID-19 on the Group's financial results may differ from that estimated as at the date of approval of the same," the company also said.

Meanwhile, shares of Ceat closed at Rs 1,142, up 13.40 points, or 1.19 per cent on NSE.

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