CEAT will be investing Rs 2.4 crore in Tyresnmore Online to acquire additional 3.47% stake of the post issue total share capital of Tyresnmore.

On completion of the investment, the total holding of CEAT in Tyresnmore on fully diluted basis will be 44.17%.

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Net profit of CEAT rose 150.31% to Rs 132.14 crore in the quarter ended December 2020 as against Rs 52.79 crore during the previous quarter ended December 2019. Sales rose 26.08% to Rs 2221.25 crore in the quarter ended December 2020 as against Rs 1761.77 crore during the previous quarter ended December 2019.

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Net profit of CEAT rose 166.95% to Rs 127.55 crore in the quarter ended December 2020 as against Rs 47.78 crore during the previous quarter ended December 2019. Sales rose 26.40% to Rs 2212.48 crore in the quarter ended December 2020 as against Rs 1750.39 crore during the previous quarter ended December 2019.

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Profit before tax in Q3 December 2020 stood at Rs 201.97 crore, up by 144.40% from Rs 82.64 crore in Q3 December 2019. Current tax expense during the quarter increased by 89.79% year-on-year (YoY) to Rs 35.87 crore.

Commenting on company's performance, Anant Goenka, MD of Ceat, said, This quarter's growth has been achieved on the back of new capacities across segments, particularly passenger car, two-wheeler and farm segments. The Replacement market has been buoyant because of consumer preference in personal mobility and strong rural demand. All our factories are currently operating at high capacity levels and we are confident in maintaining strong growth levels over the next few months. There is expected to be some margin pressure in the next quarter due to increasing raw material prices.

CEAT, the flagship company of RPG Enterprises, is a tyre manufacturer and has a strong presence in global markets.

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