CEAT Reports Strong Q1 Growth with 42% Profit Surge

19 Oct 2024 , 03:39 PM

CEAT, a leading tyre manufacturer, announced its Q1 FY2024 results on July 18, 2024. The company recorded an 8.78% year-on-year (YoY) growth in revenue and a 6.6% rise in profits YoY.

Quarter-on-quarter (QoQ), CEAT’s revenue grew by 6.72%, while profits surged by an impressive 42%. Selling, General & Administrative (SG&A) expenses fell by 9.14% QoQ but increased slightly by 0.05% YoY.

CEAT’s operating income increased 31.07% QoQ but saw a 2.86% decline YoY. Earnings Per Share (EPS) for Q1 FY2024 stood at ₹36.74, reflecting a 2.78% growth YoY.

The company’s current market capitalization is ₹11,262.92 Crore. At the time of writing on October 18, 2024 at 11:20 am, shares of CEAT is trading at ₹2861.60 which is a 1.04% dip than the previous close. CEAT has gained 30% in the last one year, and 17% since the beginning of the year.

CEAT Limited, an Indian multinational tyre manufacturer, is part of the RPG Group. CEAT manufactures tyres for passenger cars, two-wheelers, trucks, buses, and light commercial vehicles.

It also provides tyre solutions for earth-movers, forklifts, tractors, trailers, and auto-rickshaws. With a strong presence in global markets, CEAT has established itself as a key player in the tyre manufacturing industry.

CEAT’s commitment to innovation and quality helps it serve a wide range of automotive sectors globally. The company continues to drive growth with its diverse product offerings and extensive reach in the international market.