Quarter Figures Reveal Mixed Results for Indian Manufacturers - Tire Review Magazine

Quarter Figures Reveal Mixed Results for Indian Manufacturers

Recently released annual results for India’s Ceat Ltd. show robust growth in the quarter to Sept. 30.

While net sales increased by a respectable but unremarkable 8.5% over the same three months of 2006, to Rs5.83 billion (£72.65 million), operating profit more than doubled during the period. For the quarter, Ceat achieved an operating profit of Rs 622.9 million (£7.76 million), up from Rs 307.3 million (£3.82 million) a year earlier. Pre-tax profit showed an even more respectable increase, rising to Rs405.6 million (£5.1 million), a 470.5% increase on the September 2006 figure of Rs71.1 million (£885,600).

Results for the same quarter did not yield such positive news at Goodyear India, however. The manufacturer’s total income declined by 7.4% for the quarter to Rs2.28 billion (£28.46 million). Operating profit too was slightly lower than in the three months to the end of September 2006, dropping 3.9% to Rs203.3 million (£2.53 million). Of greater concern to investors was Goodyear India’s net profit, which slumped by 31.2% to Rs105.6 million (£1.31 million) from Rs153.5 million (£1.91 million) a year earlier. (Tyres & Accessories/Staffordshire, U.K.)

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