Tyre maker Ceat today posted a 50.44 per cent increase in its consolidated net profit at Rs 93.91 crore for the fourth quarter ended March 31, riding on robust sales.
The company had posted a net profit of Rs 62.42 crore during the same period last fiscal.
Net sales of the company rose to Rs 1,466.04 crore, as against Rs 1,443.87 crore during the same quarter a year ago, Ceat Ltd said in a filing to the BSE.
The company's board, which met today, approved issue of non-convertible debentures up to Rs 500 crore in one or more tranches, subject to approval of shareholders.
For the year ended March 31, the company posted a net profit of Rs 317.18 crore, up 16.93 per cent, as against Rs 271.24 crore during the previous fiscal, it added.
Net sales of the company for the year ended March 31 rose to Rs 5,754.77 crore, compared to Rs 5,507.77 crore during the previous fiscal.
Commenting on the results, Ceat Managing Director Anant Goenka said the company experienced a steady growth in the replacement market and in the passenger categories of tyres during the 2014-15 financial year.
"We have also added new OEMs to our portfolio which will benefit us in the longer run," he added.
On investments, Goenka said: "Part of Rs 400 crore raised earlier this year is being utilised in expanding our passenger car and two-wheeler tyre capacities in Halol and Nagpur respectively."
The expansion plans are on track and the company would start commercial production at both Halol and Nagpur plants in FY16, he added.
The board also recommended a dividend of Rs 10 each per equity share of face value of Rs 10 each (100 per cent) for the financial year ended March 31, 2015.
Ceat shares today ended at Rs 771.90 apiece on the BSE, down 2.05 per cent from previous close.
