MUMBAI, India (May 9, 2012)—Despite a successful fourth quarter, Indian tire maker Ceat Ltd.'s net profit for fiscal 2012 dropped 34 percent to $4 million on 19-percent higher sales of $1.02 billion.
Pre-tax operating income rose 67 percent to $49 million, or 4.8 percent of sales.
In the fourth quarter, sales rose 22.5 percent to $268 million.
Separately, Ceat recently promoted Deputy Managing Director Anant Goenka to managing director, replacing Paras Chowdhary, who stepped down from that role April 1 but continues as a company director.
Goenka said his aim is to make Ceat “amongst the most profitable companies in India in the next five years” by strengthening the brand and “improving operational efficiencies.”
He also said the company will focus more research and development on radial tires and developing alternative raw materials.
Goenka is the son of Harshvardhan Goenka, who heads the Ceat Holdings branch of parent RPG Enterprises, and grandson of R.P. Goenka, chairman emeritus of RPG.