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Ceat Q2 Profit Declines 77% To Rs. 42.28 Crore

TNI || New Delhi || 26th Oct 2021

Ceat Tyre

Ceat Tyres Limited has reported a decline of 77% in the consolidated net profit at Rs. 42.28 crore for the quarter that has just gone by.

It is a result of high expenses, especially in the cost of materials consumed. The company posted a profit of Rs. 182.18 crore in the last fiscal around the same quarter.

Ceat has also confirmed to raise up to Rs. 500 crore by way of issuing debt securities through a private placement basis.

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The consolidated revenue from operations, according to the company in a regulatory filing, stood at Rs. 2451.76 crore as compared to Rs.1978.47 crores a year ago in the same period.

Total expenses are said to be higher as compared to the previous fiscal. The cost of the materials consumed went up to Rs. 1616.59 crore as against a figure of Rs. 1051.57 crore in the same period a fiscal year ago.

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Ceat Tyres Limited has confirmed that its board has approved raising the amount to the tune of Rs. 500 crore through the issuance of non-convertible debentures, which can be either listed or go unlisted on a private placement basis in either one or more than one tranches.

Besides this, the board has also approved the appointment of an additional non-independent director.