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Tyre stocks in demand on Ceat's strong Q2 results; MRF, JK Tyre at new high

Ceat said the healthy quarter-on-quarter volume growth was driven by strong OEM demand for festive inventory.

Tyres
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Deepak Korgaonkar Mumbai

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Shares of tyre companies were in demand and rallied up to 11 per cent on the BSE in Tuesday’s intra-day trade after Ceat reported strong earnings for the second quarter of financial year 2023-24 (Q2FY24).

Ceat’s September quarter or Q2FY24 consolidated net profit soared 32-fold to Rs 207.72 crore when compared with Rs 6.40 crore in Q2FY23. The sharp growth was partly aided by a dip in raw material prices. Total income was up 5.5 per cent year-on-year (Y-o-Y) at Rs 3,053.32 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins improved 227 bps sequentially and 808 bps

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First Published: Oct 17 2023 | 10:05 AM IST

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