NEW DELHI, Apr 28: Tyre manufacturer Ceat Ltd today reported 32.5 per cent decline in consolidated net profit at Rs 66.33 crore for the fourth quarter ended March 31, 2017, hit by demonetisation and higher raw material costs.
The company had posted a consolidated net profit of Rs 98.28 crore in the same period of previous fiscal, Ceat Ltd said in a BSE filing.
Total income from operations during the quarter under review stood at Rs 1,641.29 crore as against Rs 1,563.21 crore in the year-ago quarter, up 4.99 per cent.
The company incurred higher expenses during the fourth quarter at Rs 1,554.81 crore as compared to Rs 1,411.63 crore in the year-ago period.
Commenting on the performance, Ceat Ltd Managing Director Anant Goenka said: “Our margins have seen a dip on account of the continued impact of demonetisation and spike in raw material prices.”
The board of directors have recommended a final dividend of Rs 11.5 per equity share of face value of Rs 10 for the year 2016-17 aggregating Rs 559.87 crore, including dividend distribution tax, the company said.
For the year 2016-17, Ceat Ltd said its consolidated net profit was at Rs 361.15 crore as compared to Rs 437.54 crore in 2015-16, down 17.46 per cent.
Total income from operations in FY17 was at Rs 6,441.3 crore as against Rs 6,145.92 crore in FY16, up 4.8 per cent.
(PTI)
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