April 18, 2024 23:09 (IST)
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CEAT Revenue up 10% in FY13-14
Kolkata, Apr 30 (IBNS) CEAT Limited, an RPG Group company, announced its audited results for the financial year ending March 31, 2014.
On a consolidated basis, the company’s revenue rose 10% to Rs 5,508 crore, PAT surged to Rs 271 crore—a rise of 126% and the EBIDTA shot up by 320 basis points to 12%.
On a standalone basis, the India operations reported revenue of Rs 5,304 crore and EBITDA margin of 11.7%. PAT rose 139% YoY to Rs 254 crore for the year.
Anant Goenka, Managing Director, CEAT Limited, said, “While the auto industry grew a meagre 3.5%, CEAT grew 10%. Our sales have grown better than the industry. We saw a rise of 11% in the replacement market, while OEM sales surged by 19%.”
Talking about standalone performance, in Q4, the company registered a revenue growth of 7.5% which stood at Rs 1,396 crore compared to previous corresponding quarter which was at Rs 1,299 crore. PAT stood at Rs 59 crore for the quarter.
EBITDA for Q4FY14 stood at 11.2% compared to 10.4% in the corresponding quarter of the previous year.
“We are happy to note that the margins have improved by over 300 basis points to 11.9% this year from 8.7% the previous year. The favourable product and market mix have contributed to this growth in the margins,” Subbarao Amarthaluru, Chief Financial Officer, CEAT Limited, said.
Talking about the investments that the company has made in the recent past, Rao stated, “We have made an investment of LKR 600 million to set up a new plant to produce passenger radial tyres in Sri Lanka raising the radial tyre building and curing capacity by 70% from 23,000 units per month to 39,000. Also, we have previously announced an investment of Rs 650 crore in the Phase II of our radial facility in Halol. The project is on track and is slated to start production in 18 months.”
The Rs 5,300-crore company has appointed Punita Lal as an Additional Director (Independent) on the Board.
Lal has completed her BA (Economic Hons.) from St. Stephens College and MBA with specialisation in Marketing and Behavioural Sciences from the Indian Institute of Management, Calcutta.
Welcoming her on board, Goenka said, “Punita has over 25 years of experience in Strategy, Marketing and Leadership with multinational companies like Coca Cola, PepsiCo and JWT. She is an excellent addition to the CEAT Board.”
The Board has recommended a dividend of Rs 10 per equity share of face value Rs 10 each (100%) for the year ended March 31, 2014.
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