Auto Tyres & Rubber Products company Ceat announced Q4FY23 & FY23 results: Consolidated Q4FY23: Revenue for Q4FY23 closed at Rs 2,875 crore EBITDA margin stood at 13.1%, an expansion of 458 bps vs Q3FY23 Net profit stood at Rs 132 crore Consolidated FY23: Revenue for FY23 closed at Rs 11,315 crore EBITDA stood at Rs 982 crore PAT stood at Rs 182 crore Standalone Q4FY23: Revenue for Q4FY23 stood at Rs 2,863 crore EBITDA margin stood at 12.9%, an expansion of 422 bps vs Q3FY23 Net profit stood at Rs 132 crore Standalone FY23: Revenue for FY23 closed at Rs 11,263 crore EBITDA stood at Rs 977 crore PAT stood at Rs 206 crore The Board of Directors at its meeting held today has approved a dividend payment of 120% on equity shares for FY23. This is subject to the approval of shareholders. Commenting on the results as well as the outlook of the business, Anant Goenka, Vice Chairman, CEAT said, “We are happy that we crossed an important milestone of Rs 10,000 crore of revenue during the course of the quarter and ended the year with a revenue of Rs 11,263 crore. We delivered a strong growth of 21% in FY23, contributed by both volume and price. Our growth during the year was largely driven by OEMs and specialty & passenger category tyres. On exports, we continue to face pressure as a result of the global economic headwinds, largely spurred by the ongoing war and the currency devaluation. However, we have begun to see 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. We have ended the year on a positive with margins back to double digits. We have also managed to bring down our debt sharply in Q4 and with strong balance sheet, we are in a good position to provide necessary capital for the future.” Kumar Subbiah, CFO of CEAT, said, “We are pleased to share that our margins have expanded, and we are back to double-digit margins in the quarter. As part of our continuous effort to bring efficiencies in cash flow, it has helped us reduce our debt by approximately Rs 250 crore in the quarter, supported by improved operational performance and reduction in overall inventories. Drop in raw material prices and maintaining product realization helped in the expansion of gross margins and EBITDA margins by 422 bps during the quarter. The actual overall capex for the year was close to Rs 900 crore in line with our plan that we managed to largely fund through internal accruals.” Result PDF