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Ceat Ltd. — Earnings Release 2021
May 5, 2021
61454_rns_2021-05-05_293aa6f5-ec68-4706-a808-7d425a6fa2d2.pdf
Earnings Release
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May 5, 2021
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Security Code: 500878
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Symbol: CEATLTD NCD Symbol: CL23, CL25 CP Listed ISIN: INE482A14AD9
Dear Sirs /Madam,
Sub: Press Release
Please find enclosed herewith a copy of the Press Release concerning the Audited Financial Results of the Company for the quarter and year ended March 31, 2021.
We request you to take the same on record and acknowledge receipt.
Thanking you,
Sincerely,
For CEAT Limited
Vallari Gupte
Company Secretary & Compliance Officer
Encl: as above
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Q4 FY20-21 Consolidated Revenue stood at Rs. 2,290 crore Consolidated EBITDA stood at Rs. 269 crore, Operating margin of 11.7%
Mumbai, India – 05[th] May 2021:
CEAT Limited (CIN No: L25100MH1958PLC011041) , an RPG Group company, announced its audited results for the fourth quarter and full year ending on 31[st] March 2021.
On a consolidated basis, the Company’s revenue closed at Rs. 2,290 crore and EBITDA margin stood at 11.7%, a contraction of over 355 bps vs previous quarter of this fiscal. Net profit stood at Rs. 153 crore.
Commenting on the results as well as the outlook of the business, Mr. Anant Goenka, Managing Director, CEAT Limited said, “It has been a very satisfactory year with record sales and profitability especially in a year that has been marked by uncertainty due to Covid-19. We gained market share in PCR and TBR segments. Encouraged by buoyancy in demand, we added new capacity in the TBR segment. Towards the latter part of the year due to increase in commodity prices, there has been some erosion in gross margins which prompted us to take a small increase in price. Frequent lockdowns and high commodity prices remain an industry-wide concern on OEM and retail demand. The vaccination drive gives us reason to remain bullish on the industry from a medium to longer term perspective.”
On standalone basis, the Company’s revenue stood at Rs. 2,279 crore and EBITDA margin stood at 11.2%, a contraction of over 350 bps vs previous quarter of this fiscal. Net profit stood at Rs. 142 crore.
Mr. Kumar Subbiah, CFO of CEAT Limited, said, “We have posted a strong PAT growth of 180% Y-o-Y and sequential growth of 11% in Q4 aided by top line growth, supplemented by the benefit arising out of moving to new rate of tax effective previous financial year. There has been a drop in our gross margins during the quarter due to steep raw material costs, which remains a concern in the coming months on our margins. Our strong focus on cashflows and tight working capital management during the year helped us to bring down our gross debt by Rs. 510 crore leading to improvement in our leverage ratios and stronger balance sheet.”
The Board of Directors at its meeting held today has approved an investment of Rs. 1205 crore to expand capabilities in the TBR segment. Further, it has approved a dividend payment of 180%.
About CEAT Ltd (www.ceat.com):
CEAT, the flagship company of RPG Enterprises, was established in 1958. Today, CEAT is one of India’s leading tyre manufacturers and has a strong presence in global markets. CEAT produces over 15 million tyres a year and offers the widest range of tyres to all segments and manufactures world-class radials for heavy-duty trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, motorcycles and scooters as well as auto-rickshaws.
About RPG Enterprises (www.rpggroup.com):
RPG Enterprises, established in 1979, is one of India’s fastest-growing business groups with a turnover of US$ 4 Billion. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation led technology businesses.
Media contacts:
RPG Group
Sumeet Chatterjee – 9820340650 | [email protected] Svati Maddur – 9920887227 | [email protected]
Ketchum Sampark
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Zaheer Chauhan – 9920202720 | [email protected]