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Ceat Q1 results: Registers Rs 35 crore loss


India

Ceat Q1 results: Registers Rs 35 crore loss

New Delhi: Tyre major Ceat Ltd on Wednesday reported a consolidated net loss of Rs 35.24 crore for the first quarter ended June 30 hit hard by the coronavirus pandemic. The company had posted a consolidated net profit of Rs 82.2 crore in the same period last fiscal, Ceat Ltd said in a regulatory filing.…

New Delhi: Tyre important Ceat Ltd on Wednesday reported a consolidated fetch lack of Rs 35.24 crore for the important quarter ended June 30 hit laborious by the coronavirus pandemic.

The firm had posted a consolidated fetch profit of Rs 82.2 crore within the identical length remaining fiscal, Ceat Ltd acknowledged in a regulatory filing.

Revenue from operations all around the quarter below evaluate stood at Rs 1,120.16 crore as against Rs 1,752.10 crore within the 365 days-ago quarter.

Ceat Ltd acknowledged the neighborhood’s manufacturing services and operations had been shut down following the nationwide lockdown announced on March 24, 2020.

“Right by the quarter, the neighborhood has resumed its manufacturing services and is currently within the formulation of extra scaling up its operations. Extra, for the reason that lockdown used to be peaceful in pressure for a important length of the fresh quarter, the neighborhood’s operations had been impacted,” it acknowledged.

The neighborhood has known Rs 2.58 crore for the quarter ended June 30, 2020, in opposition to unusable semi-furnished inventory and raw offers attributable to abrupt stoppage of manufacturing services, it acknowledged.

“Extra, borrowing costs no longer capitalised attributable to non permanent suspension related to ongoing capital initiatives, contract manpower price and detention costs (for the length attributable to COVID-19 combination Rs 17.53 crore for the quarter ended June 30,2020…,” the firm acknowledged.

Commenting on the outcomes, Ceat Ltd MD Anant Goenka acknowledged,”Our important rental of level of curiosity over the relaxation quarter used to be health and security of our other folk, our customers, companions and the neighborhood. We carefully monitored our money flows and costs and had been ready to glance optimistic outcomes.”

On the outlook, he acknowledged,”Taking a peep ahead we ogle a route of recovery backed by easing of restrictions and an uptick within the market. Now we devour resumed operations the least bit our factories and are making concerted efforts in opposition to guaranteeing we’re prepared as the query picks up, while efficiently transitioning staunch into a novel work ambiance.”

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