Tyre manufacturer Ceat declined 8.7 percent intraday Friday post it has reported massive decline in its Q1 net profit.
The company's Q1 consolidated net profit slipped 98.6 percent at Rs 1.4 crore against Rs 103.3 crore, in a year ago period.
Revenue was down at Rs 1,628.6 crore versus Rs 1,646.2 crore.
The operating profit (EBITDA) fell 83.5 percent at Rs 27.6 crore and EBITDA margin slipped 950 bps at 1.9 percent.
Anant Goenka, managing director of Ceat said, “Q1 was a challenging quarter for us in light of destocking by the channel partner due to GST and raw material prices which hit us at the same time.”
“Notwithstanding the short term impacts of GST, we expect it to bring positive impact for the tyre industry in the long-run,” he added.
At 09:50 hrs Ceat was quoting at Rs 1,785.35, down Rs 117.00, or 6.15 percent on the BSE.
Posted by Rakesh Patil
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
