Ceat Ltd, India’s leading tyre making company reported a bigger-than-expected 85% fall in second-quarter profit due to higher input costs. Consolidated net profit fell to ₹6.4 crore in the three months ended Sept. 30, from ₹42.28 crore a year earlier.
Similarly, Ceat’s revenue from operations rose 18.1% to ₹2,894 crore in the quarter. That was more than offset by a 21% rise in total expenses, to ₹2,691 crore, with input costs jumping 24%. Oil prices have risen sharply after the Russia-Ukraine conflict since the early part of this year, raising the cost of petrochemicals that are a key component in tyre manufacturing.
Interestingly, JK Tyre and Industries Ltd last week posted a 23% fall in quarterly profit as its input costs shot up 20.7%.
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