Mumbai (Maharashtra) [India], May 5 (ANI): RPG Group company Ceat Ltd on Wednesday reported 45 per cent increase in consolidated sales revenue for the March quarter at Rs 2,290 crore.
The net profit was up 195 per cent at Rs 153 crore, largely driven by an operating boost to the company.
While raw material costs went up in line with global trends, the company compensated through better inventory efficiency and reduced capital locking in the cycle.
"Our strong focus on cashflows and tight working capital management during the year helped us to bring down our gross debt by Rs 510 crore, leading to improvement in our leverage ratios and stronger balance sheet," said Chief Financial Officer Kumar Subbiah.
Meanwhile, the board of directors approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. Besides, it approved a dividend payment of 180 per cent.
Ceat produces over 15 million tyres a year and offers a wide range for heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, motorcycles and scooters as well as auto-rickshaws.