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Ceat Q1 net profit dips 17% to Rs 93 crore

 

Ceat Q1 net profit dips 17% to Rs 93 crore

  Tyre maker Ceat on Thursday reported 17.38% decline in consolidated net profit at Rs 93.07 crore for the first quarter ended June 30, 2016-17.

 

The company had reported a net profit of Rs 112.65 crore during the same period of the previous financial year.

Net sales of the company rose however to Rs 1,460.92 crore for the April-June quarter of the current financial year as against Rs 1,404.15 crore during the same period of 2015-16, Ceat Ltd said in a BSE filing.

"Margins have declined largely due to higher investment in the brand and some price drops that were passed on to the consumers," Ceat Ltd Managing Director Anant Goenka said.

The company is seeing strong growth in the domestic market with volume growth of over 15% aided by the company's focus on the passenger segments, he added.

Ceat shares ended 0.39% up at Rs 883.70 apiece on BSE.