CEAT slips over 9% after tyremaker reports nearly 20% decline in profits in Q4 results

CEAT Share Price: CEAT Ltd nosedived over nine per cent on BSE on Friday (May 3, 2024) after the tyremaker reported mixed fourth-quarter results a day ago.

The stock that closed at Rs 2620.70 in the previous session sunk to Friday's low of Rs 2,383.35, a 9.05 per cent slide.

CEAT shares that began the trading session on Friday at Rs 2,539.90 were trading lower by 3.87 per cent, or Rs 101.50, at Rs 2,519.20 at 10:06 am.

CEAT Q4FY24 (conso) (YoY) results

The company's profit after tax slumped by 19.40 per cent Year-on-Year (YoY) to Rs 108 crore from Rs 134 crore.

Its revenue from operations saw a slight jump of 4.1 per cent to Rs  2,992 crore in the fourth quarter from Rs 2,875 crore in the same quarter last year.

The compan'y EBITDA the January-March quarter jumped by 6.40 per cent to Rs 392 crore compared to Rs 368 crore YoY. 

CEAT 's margin rose to 13.10 per cent in the quarter under review from 12.8 per cent in the same quarter last fiscal.   

The company's exceptional item soared to Rs 58 crore from Rs 9 crore YoY.

CEAT also announced an interim dividend of Rs 30 per share.