Tyre maker Ceat today reported an increase of 32.50 per cent in its standalone net profit to Rs 80.63 crore for the third quarter ended December 31, 2014.
The company had posted a net profit of Rs 60.85 crore in the October-December period of the 2013-14 fiscal, Ceat said in a filing to the BSE.
However, Ceat's total standalone net sales during the quarter under review declined marginally 0.9 per cent to Rs 1,497.25 crore as against Rs 1,512 crore in the year-ago period.
"This quarter, volume growth was flat, however margins have improved largely due to raw material benefit coupled with improving product mix," the company said.
Commenting on the result, Ceat Managing Director Anant Goenka said: "On the raw material front, rubber prices have softened and we expect them to stay around the current level".
On the outlook, he said, "Crude prices have started declining and we expect the benefit of the same to come in the next few quarter. Going forward, we expect a steady growth in the both, the domestic OEM and replacement tyre market."
Shares of Ceat Ltd closed at Rs 803.65 on the BSE, down 0.78 per cent from previous close.
