Tyre maker Ceat today reported multifold increase in consolidated net profit at Rs 71.44 crore for June quarter, compared to Rs 1.37 crore in the year-ago period, riding on robust demand from commercial vehicle makers.
Revenue from operations rose to Rs 1,706.33 crore as compared with Rs 1,459.72 crore in April-June, 2017-18, Ceat said in a regulatory filing.
"We are seeing steady growth across all categories led by strong revival of commercial vehicle segment. The industry has finally overcome the hiccups after the rollout of GST which had impacted the industry during first two quarters of 2017-18," Ceat Managing Director Anant Goenka said.
The company's board, which met today, also ratified an MoU signed with Tamil Nadu government on July 4, 2018.
The agreement is for setting up a manufacturing facility in Kanchipuram district with an investment of Rs 4,000 crore in phased manner over a period of ten years.
Under the MoU, the state government has agreed to offer various incentives to the company, Ceat said.
Shares of the company today ended 7.58 per cent up at Rs 1,356.15 per scrip on BSE.
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