CEAT Ltd will expand its international business and enter the United States of America with passenger cars, trucks and bus radial tyres this year.

The company that introduced truck and bus radial tyres in Europe in July last year will also increase it’s penetration with speciality tyres in the markets of the US and Europe.

“We are planning to get into the USA market by the end of this year. The work has been going on for the last two years. The impact of this in the current financial year will be limited as it will happen towards the end. We are also increasing our penetration in Africa,” said Kumar Subbiah, Chief Financial Officer of CEAT to businessline.

Also read: CEAT tyres touches 50,000 touchpoints in rural India

CEATexports grew by 50 per cent in FY22 but saw a decline in FY23 due to geopolitical tensions. 

Growth in exports

“In FY23, we managed to grow in exports within our speciality of radial export but in other categories, there was a decline. This was largely attributed to the Russia-Ukraine war. Countries like Nigeria and Africa didn’t have currencyto buy tyres. We have seen some recovery and we hope the current year will be better. We are not seeing any incremental inflationary pressure over FY23 baseline numbers,” added Kumar Subbiah.

CEAT reported a consolidated net profit of ₹133 crore for the quarter ended in March 2023 as against ₹35 crore reported during the same quarter last year.

The company had earlier reported a ₹35-crore profit during the December quarter. Revenue from operations grew by 10.9 per cent in the quarter ended March 2023 at ₹2,874 crore as against ₹2,591 crore during the same quarter last year. 

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