Page 2 - Ceat Tyres

Declining raw material prices help to boost tyre makers' profitability

Among raw materials used by the tyre industry, Brent crude oil prices saw a 6 per cent drop year-on-year

CEAT eyes opportunity in replacement tyre market growth fuelled by PV sales

Tyre maker CEAT Ltd is looking to cash in on the growth of passenger vehicles sales in India, which will boost demand in the replacement market going forward, according to the company Managing Director & CEO Arnab Banerjee. The company is also gearing up to enter the passenger vehicles (PV) and truck and bus radial (TBR) tyre market in the US in the first quarter of the next fiscal, with an eye on making its international business one of the growth engines. "Four million cars means immediate translation into replacement demand in the next two to three years. So it is a very good trajectory. The Original Equipment Manufacturer (OEM) trajectory is boding very well for the replacement market," Banerjee told PTI. He was responding to a query on the impact of the growth of PV sales in India on tyre makers. In 2023, PV sales in India touched a record high at 41.08 lakh units, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total ...

Ceat Q3 PAT rises 5-fold as margin pressure eases, reaches Rs 181.48 cr

Ceat's share price rose by 4.34 per cent, ending the day's trade at Rs 2,875 apiece on the BSE

Ceat extends rally for third day; surges 14% on healthy outlook

Ceat on Friday launched its new premium range of two-wheeler steel radial tyres, targeting both aftermarket and original equipment manufacturer (OEM) segments.

CEAT shifts gears, forays into steel radial tyres for two-wheelers

The company, which on Friday launched its new premium range of two-wheeler steel radial tyres, is targetting both aftermarket and original equipment manufacturer (OEM) segments

GST dept issues demands, penalties totaling over Rs 19 cr to Ceat Tyres

Tyre maker CEAT Ltd on Wednesday said it has received GST demand and penalties totalling over Rs 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner, CGST & Central Excise, Vadodara has issued an order for an interest of Rs 3.27 crore along with a penalty of Rs 13.68 crore following a show cause notice (SCN) that was initially issued towards the delay in reflection of input tax credit to the credit ledger, caused due to technical issue of TRAN-1 return, CEAT Ltd said in a regulatory filing. In another case, Deputy Commissioner of State Tax, Maharashtra has issued an order demanding Rs 22 lakh and interest of Rs 26 lakh, together with penalty of Rs 2 lakh on following an SCN initially issued for reversal of input tax credit on non-payment of tax by suppliers. "Interest of Rs 1.59 crore is also levied towards the delay in reflection of Input Tax Credit to the credit ledger, caused due to technical issue of TRAN-1 return," it added. Currently, the ..

Tyre producers get a grip as raw material prices ease, demand recovers

Tread with caution: Any discount/price cut in the replacement market could offset margin gains

Tyre manufacture Ceat gets Rs 1.98 crore GST notice, company to file appeal

Tyre maker CEAT Ltd on Thursday said it has received a demand notice of Rs 1.98 crore for GST, along with a penalty from the Additional Commissioner, CGST, and Central Excise. The demand pertains to the disallowance of transitional credit and Trans2 credit under the applicable provisions of the CGST Act, 2017, the company said in a regulatory filing. The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a demand of Rs 1.80 crore, along with a penalty of Rs 18 lakh, it added. "The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority," CEAT Ltd said. On the impact on financial, operation or other activities of the company quantifiable in monetary terms to the extent possible, CEAT said, "(It is) not ascertainable at this stage.

2W replacement tyre demand in rural market yet to see full revival: CEAT MD

Rural demand for two-wheeler tyres in the replacement segment is yet to see a complete revival but there is optimism that the festive season will give it a fillip, according to CEAT Ltd MD & CEO Arnab Banerjee. With crude prices rising again after the recent geopolitical disturbance, there is uncertainty over crude-based raw material costs and if prices increase it could be a dampener to future growth. "The two-wheeler replacement market is growing year-on-year in strong single digits, which is much much different from quarter one. However, we are yet to see a complete revival in rural demand," Banerjee told PTI. On the challenges in the rural market, he said while monsoon has been good in several parts of the country it was patchy and most of East and North East India didn't get good monsoon. Usually in Q2 demand dips in Q2 because of monsoon but it has not happened, he said adding, "So the market is in a similar state. It has not accelerated yet. Banerjee, however, said in the .

CEAT eyes market leadership in EV tyres within the next two years

Banerjee said that Ceat is focusing on specialty tyres, whether for agricultural use or other segments

Tyre stocks in demand on Ceat's strong Q2 results; MRF, JK Tyre at new high

Ceat said the healthy quarter-on-quarter volume growth was driven by strong OEM demand for festive inventory.

Ceat Q2 PAT jumped 32-fold, helped by better product mix, price hikes

The company declared results post market hours. The company's stock was down marginally (1.7 per cent) on the BSE to Rs 2,101 apiece

Tyre maker Ceat reports steep rise in Q2 net profit at Rs 207.72 crore

Tyre maker CEAT Ltd on Monday reported a steep rise in consolidated net profit at Rs 207.72 crore for the September quarter. The company had posted a consolidated net profit of Rs 6.44 crore in the year-ago period, CEAT Ltd said in a regulatory filing. Consolidated revenue from operations during the second quarter of the current fiscal stood at Rs 3,053.32 crore as against Rs 2,894.48 crore in the year-ago period, it added. Total expenses were lower at Rs 2,793.41 crore as compared to Rs 2,864.18 crore last year, the company said. "The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter," CEAT Ltd MD & CEO Arnab Banerjee said in a statement.

Anant Goenka named VC for RPG, retains role in CEAT, Zensar Technologies

Educated at the Wharton School and holding an MBA from the Kellogg School of Management, Goenka initiated his professional journey with Unilever and RPG's KEC International

TMS Ep538: Fiscal balance, Ceat's Arnab Banerjee, glacial lake outburst

Will polls pose a danger to India's fiscal balance? What is Arnab Banerjee's view on Ceat's quality management? How will Israel-Hamas war impact markets? What is glacial lake outburst? Answers here

Deming Grand Prize aligns with our quality objectives, says CEO Ceat Tyres

We first received the Deming Award in 2017, and earning the Grand Award now underscores our dedication, says Bannerjee

Ceat lines up Rs 750 cr capex for FY24, says MD & CEO Arnab Banerjee

Tyre maker CEAT Ltd has lined up a capex of around Rs 750 crore for the ongoing fiscal, mostly to be deployed in increasing production capacity of agri-radial tyres at its Ambernath plant in Maharashtra, according to the company MD & CEO Arnab Banerjee. The company expects volume of its supplies to original equipment manufacturers (OEMs) to pick up in the third and fourth quarter of this fiscal, as it completes transition from smaller rim size to bigger sizes, with approvals from automobile manufacturers expected soon. In the replacement market, where CEAT has seen good growth in the first quarter specially in motorcycle tyres, the company expects the momentum to continue although in the rural market which has been dormant for sometime it may take another two more quarters for growth visibility to come. "We have been talking about Rs 700 crore to Rs 750 crore for the year. Out of which around Rs 220 crore we have done in quarter one," Banerjee told PTI. He was responding to a ...

'No impact of US, EU crisis on CEAT, exports to be 25% of revenue in 2 yrs'

The share of exports in our revenue is around 19.5%. We are targeting to increase it to 25% in the next 2 years, said Arnab Banerjee, MD & CEO, CEAT

CEAT Q1 net profit increases 15-fold on dip in raw material prices

During the Q1 of FY24, the company's total income was also seen up by 4 per cent to Rs 2,938 crore against Rs 2,821 crore during the Q1 of FY23

CEAT logs near 16-fold jump in profit in Q1 on higher demand, fall in costs

Indian tyremaker CEAT posted a near 16-fold jump in profit boosted by strong demand and drop in raw material costs