Ceat Tyres has reported net profit of Rs 31.8 m (down 10% year on year) in 2QFY2000. This was posted by a leading financial daily.
Ceat Tyres (flagship of the RPG group) is the third largest Indian tyre and tube manufacturer. It is India's largest tyre exporter.
The company has witnessed 20% rise in sales to Rs 3.5 bn, but this did not boost the company's bottomline which witnessed 10% decline to Rs 31.8 m. Other income also fell 74% to Rs 44.1 n.
The company's interest burden fell 10% to Rs 164.8 m, while depreciation declined 9% to Rs 37.5 m. However, provision for tax climbed from Rs 1.8 m in 2QFY1999 to Rs 14.8 m in 2QFY2000.
According reports in a leading financial daily, Ceat's posted sales growth of more than 20% in the replacement market for truck and bus tyres, against an industry growth of 10%. The company's new radial plant at Nasik is expected to commence operations under phase I by April 2000.
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