CEAT spurts after strong Q2 performance

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Net revenue from operations increased by 17% year-on-year (YoY) to Rs 1,978.5 crore during the quarter. Raw material costs rose by 6% to Rs 1,059.2 crore in Q2 FY21 from Rs 995.6 crore in Q2 FY20.

EBITDA jumped to Rs 305.8 crore in Q2 September 2020 from Rs 175.2 crore in Q2 September 2019. EBITDA was at 15.5% as on 30 September 2020 as against 10.4% as on 30 September 2019.

Profit before tax in Q2 FY21 stood at Rs 180.7 crore as compared to Rs 74.2 crore in Q2 FY20.

Separately, the tyre maker informed about the appointment of Priya Nair as an additional director in the capacity of independent director for a term of 5 years with effect from 27 October 2020, based on the recommendations of the nomination and remuneration committee (NRC) and subject to approval of appointment by the shareholders of the company.

CEAT, the flagship company of RPG Enterprises, is a tyre manufacturer and has a strong presence in global markets.

Source: Capitalmarket.com