Companies

CEAT posts consolidated net loss of Rs 35.24 crore in Q1

Our Bureau Mumbai | Updated on July 29, 2020 Published on July 29, 2020

CEAT Ltd, an RPG Group company, on Wednesday posted a consolidated net loss of Rs 35.24 crore during the first quarter of this financial year. It had posted a consolidated net profit of Rs 82.20 crore during the same period last year.

Revenue from operations of the tyre-maker during the June quarter stood at Rs 1,120.16 crore, compared to the year-ago period’s Rs 1,752.10 crore, a 36.06 per cent fall.

“Our performance in the quarter has been resilient and reflective of our agile operations, efficient planning, and purpose-driven execution. Our primary area of focus over the last quarter was the health and safety of our people, our customers, partners and the community. We closely monitored our cash flows and costs and were able to see positive results,” said Anant Goenka, Managing Director, CEAT Ltd.

Looking ahead, we see a path for recovery, backed by easing of restrictions and an uptick in the market, said Goenka.

Calling it an unprecedented quarter, Kumar Subbiah, CFO of CEAT Ltd, said: “There was a huge focus on cashflow through maximisation of cash generation and judicious utilisation of cash during the quarter, supported by well-planned actions in the areas of working capital and capex.”

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Published on July 29, 2020
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