OEMs, speciality tires drive Ceat’s 30% growth

Mumbai, India – Ceat Ltd has delivered record high sales and double-digit growth in earnings in its fiscal year 2023, which ended 31 March.

Driven by OEMs, speciality and passenger car tires, sales crossed a ‘INR100 billion’ milestone during the year, said Ceat 5 May.

Earnings (EBITDA) for the full year came in just under INR10 billion (€111 million), up 33% compared to the year before.

The growth was supported by a 21% year-on-year increase in consolidated revenue to INR113 billion.

The tire maker linked the higher sales to both volume and price developments during the year.

“Our growth during the year was largely driven by OEMs and speciality & passenger category tires,” said vice chairman Anant Goenka.

On exports, Goenka said Ceat continues to face pressure caused by global economic headwinds, particularly the ongoing war and the currency devaluation.

However, said the Ceat boss, the tire maker is seeing “some recovery in exports” and the replacement market, especially in the commercial category.

“We are hopeful that the coming quarters will see further uptick in growth, as commodity prices remain stable, and the global inflation slows down,” he added.