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Tyre maker, Ceat on Thursday reported 15 per cent increase in its consolidated profit at for the first quarter ended June 30, 2019.
Anant Goenka, Managing Director, CEAT Limited said, “The impact of fall in demand from automobile manufacturers has been felt across the tyre industry. However, we have been able to counter the slowdown in OEM sales with Replacement and Export market sales.”
Kumar Subbiah, CFO of CEAT Limited, said, “As the market was relatively weak, we kept strong controls on our discretionary operational expenses. We generated good cash flow through reduction in working capital that helped minimize our borrowing for capital expenditure requirement.”
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