Tyre maker Ceat Limited on Tuesday reported a 25.30 per cent dip in its consolidated net profit to Rs 83.83 crore in the quarter ended December 31, as compared with Rs 112.23 crore in the corresponding period the year before.
The RPG Enterprises company's revenue in the quarter under review stood at Rs 1,386 crore, up by 5.4 per cent on a year-on-year basis. EBITDA (Earnings before interest, tax, depreciation and amortisation) was at Rs 158 crore, while margins stood at 11.4 per cent in the three months period ended December.
"The impact of demonetisation with marginal effect on our volume growth. Margins though, saw a dip on account of the demonetisation linked demand drop in the passenger and two-wheeler segments," said company's Managing Director Anant Goenka.
"Raw material prices have been seeing an upward trend in the last few months and will put further pressure on margins, if not compensated by price increases next year," he said.
Continuing its strategic focus, the company will be investing over Rs 2,800 crore, for capacity expansion in passenger car radials, two-wheeler and truck bus radial segment, he said.
--IANS
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