Ceat announces its Financial Year results for FY2023

Ceat reports consolidated revenue growth of 21% compared to the previous FY2022

Mumbai- CEAT Ltd., a part of the RPG Group, reported its consolidated revenue for the financial year 2022-23 stood at INR 11,315 cr, a 21% growth. Profit after Tax at 182 cr. The revenue for Q42023 closed at 2,875 cr. The Net profit of the firm stood at 132 cr.

On standalone basis, the Company’s revenue for the full year FY22-23 closed at Rs. 11,263 cr, the revenue for the quarter stood at Rs. 2,863 cr.

Commenting on the results, Mr. Anant Goenka, Vice Chairman, CEAT Limited said, “We are happy that we crossed an important milestone of Rs 10,000 cr of revenue during the course of the quarter and ended the year with revenue of Rs 11,263 cr. We delivered a strong growth of 21% in FY23, contributed by both volume and price. Our growth during the year was largely driven by OEMs and specialty & passenger category tyres. On exports, we continue to face pressure as a result of the global economic headwinds, largely spurred by the on-going war and the currency devaluation. However, we have begun to see some recovery in exports and the replacement market, especially in the commercial category. We are hopeful that the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation slows down. We have ended the year on a positive with margins back to double digits. We have also managed to bring down our debt sharply in Q4 and with strong balance sheet; we are in a good position to provide necessary capital for the future.”

Mr. Kumar Subbiah, CFO of CEAT Limited, said, “We are pleased to share that our margins have expanded, and we are back to double digit margins in the quarter. As part of our continuous effort to bring efficiencies in cashflow, it has helped us reduce our debt by approximately Rs. 250 cr in the quarter, supported by improved operational performance and reduction in overall inventories. Drop in raw material prices and maintaining product realization helped in the expansion of gross margins and EBITDA margins by 422 bps during the quarter. The actual overall capex for the year was close to Rs. 900 crore in line with our plan that we managed to largely fund through internal accruals.”