Leaders in typer making CEAT has recorded a sharp 19.58 percent decline in consolidated net profit at Rs 51.72 crore in March quarter-end.
In a filing with the stock exchange, CEAT said, “The company has recorded a 19.58% decline in consolidated net profit at Rs 51.72 for the fourth quarter ended March 2020. compared to Rs 64.32 for the same quarter a year ago.”
“Revenue from operations declined to Rs 1,573.41 crore during the quarter under review as compared to Rs 1,760.47 crore for the same quarter in 2018-19,” the filing said.
“The company’s net profit for the fiscal year of 2019-2020 stood at Rs 230.06 crore as against Rs 251.08 crore in 2018-19, and the revenue from operations declined to Rs 6,778.83 crore in FY20 compared to Rs 6,984.51 crore in 2018-19,” company said.
Adding to the statement, Anant Goenka, Managing Director of CEAT said, “Despite the disruption caused by the COVID-19, our EBITDA margins have shown an improvement in Q4.”
