MUMBAI, India—Ceat Ltd. saw fourth quarter earnings (EBITDA) and sales improve for its fiscal year ended March 31, helped by a recovery in volumes.
Earnings for the full-year were up 70.4 percent on prior-year levels, at $192 million, on sales 5.6-percent higher at $1.4 billion, Ceat reported May 2.
Earnings margin grew 533 basis points to 14 percent, with an expected "positive momentum in the first quarter of fiscal year 2025."
Ceat linked the improved margin mainly to raw materials cost reductions and operational efficiencies.
For the final quarter, the Indian tire maker posted a 6.8-percent year-on-year increase in earnings to $48 million, on 4-percent stronger revenue of nearly $360 million.
Ending the year "on a positive note," Ceat "saw recovery in volumes in the second half of the quarter in replacement and international markets."
According to Managing Director and CEO Arnab Banerjee, Ceat achieved "commendable growth," largely attributable to share-gain in passenger categories both in 2W and 4W categories.
Furthermore, Banerjee said Ceat witnessed "substantial expansion within the export segment" during the final quarter.
A quarter-on-quarter dip in margins, to 13.4 percent, was linked to "higher expenses related to investments in extended producers responsibility"—now mandatory in India.
