Auto tyres & rubber products company Ceat announced Q2FY23 results: On a consolidated basis, the company’s revenue closed at Rs 2,894 crore, EBITDA margin stood at 7%, an expansion of 96 bps vs Q1FY23. Net profit stood at Rs 6.4 crore. On a standalone basis, the company’s revenue stood at Rs 2,886 crore and its EBITDA margin stood at 7.1%, an expansion of 127 bps vs Q1FY23. Net profit stood at Rs 29.9 crore. Anant Goenka, Managing Director, CEAT Ltd, said, “The domestic market continues to witness an uptick in demand, which has led to strong growth in the OEM segment. During the quarter, we made price adjustments in the two-wheeler segment, which has positively impacted our margins. Internationally, we are beginning to see some headwinds in developed markets. We expect the second half of this year to be better in terms of revenue and margins because of improving domestic demand and stabilising commodity prices.” Kumar Subbiah, CFO of CEAT Ltd, said, “There have been some corrections in the commodity prices recently, and if the trend continues, we expect it to positively impact the business in the coming quarters. We continue to keep tight control on cashflows and costs during the quarter. Our consolidated net debt has increased by Rs 197 crore during the quarter largely due to capex and movement in working capital.” Result PDF