When we wrote about Ceat Specialty following the Agritechnica show in 2019, we described the firm as being perhaps “the largest agricultural tyre maker you’ve never heard of.” Four years is a long time, and Ceat Specialty now not only offers a much bigger range, the chances of being unfamiliar with the brand have greatly diminished. To find out more about today’s Ceat Specialty and its growing product range, we met with chief executive Amit Tolani at Agritechnica 2023.
The Maharashtra Pollution Control Board, the environmental regulatory body in India’s Maharashtra state, has permitted Ceat Ltd. to restart operations at its Bhandup plant. It issued directions to this effect on 13 November 2023; these allow the tyre maker to resume production in Bhandup provided it complies with “certain conditions”. Notifying the BSE and National Stock Exchange of India of this development, Ceat does not mention specific details of these conditions but confirms it is “taking necessary steps” to fulfil them.
The environmental regulatory body in India’s Maharashtra state has ordered tyre maker Ceat Ltd to pause operations at one of its plants. In notifications supplied to the BSE and National Stock Exchange of India, Ceat reports that the Maharashtra Pollution Control Board told it to “close down operations” at the Bhandup factory in the suburbs of Mumbai. According to Ceat, the Board’s correspondence of 4 November 2023 claims “certain alleged violations of the pollution control norms.”
Ceat Limited has reported consolidated revenue of Rs 30.53 billion (£301.1 million, US$366.8 million) for the three months ending on 30 September 2023, the second quarter of its 2023-24 financial year. This result reflects a 5.5% year-on-year rise in revenue. The Q2 FY23-24 EBITDA margin was 15.1%, up 202 bps on the prior quarter and 808 bps year-on-year. Net profit amounted to Rs 2.08 billion (£20.5 million, $25.0 million), an amount 44.2% higher than the prior quarter and an eye-watering 3125.5% increase year-on-year.
According to notifications sent to BSE and the National Stock Exchange of India, tyre maker Ceat Ltd. has set up a wholly-owned subsidiary in Brazil. Ceat Brazil Tires Servicos Ltda has been incorporated, effective 2 October 2023 as an entity for trading products on behalf of Ceat Ltd. Ceat reports that this subsidiary is “yet to commence business.”
The Deming Prize Committee has awarded its 2023 Deming Grand Prize to Ceat Ltd. The Indian firm is the first tyre maker in the world to gain this top Deming accolade, which is awarded for ongoing excellence in Total Quality Management (TQM).
Ceat recently appointed Renji Issac, Senior Vice President R&D and Technology in India. Issac took over from Peter Becker, Senior Vice President R&D and Technology effective 1 May. Becker was globally responsible for quality tyre development and implementation in Europe from July 2017 to 30 April 2023.
Indian online tyre retailer Tyresnmore.com is now a wholly owned subsidiary of Ceat Ltd. On 4 August, the tyre maker entered into a share purchase agreement with Tyresnmore Online Private Limited to acquire 108,637 equity shares in the business, an amount equal to a 39.34% of its total share capital.
In January 2022, Ceat announced it had “curbed” its ambition in the truck and bus radial segment and was looking to shift its investment focus to off-highway tyres. The company now appears to have reconsidered this step and is reactivating previously approved TBR capacity expansion plans.
Ceat Limited has announced its unaudited results for the first quarter of its 2024 financial year, the three months ending on 30 June 2023. Consolidated revenue is up 4.1% YoY, to Rs 29.35 billion (£277.7 million), with an EBITA margin of 13.1%.
Marangoni S.p.A. and Ceat Limited have entered into a strategic partnership to provide tyre retreading solutions in the Indian market. By combining Ceat’s tyre casings with Marangoni’s retreading technology, the two firms intend to provide customers with “an optimum solution that offers extended tyre life, superior performance, and cost-effectiveness.” Ceat and Marangoni also view the partnership as a means of expanding their franchisee networks.
CNH Industrial has approved Ceat Specialty to supply agricultural radials for farming equipment manufactured in Brazil and Argentina, and this new relationship commences with shipments of Ceat Farmax tyres for fitment on Case IH and New Holland tractors. Ceat Specialty shares that the agreement followed the OEM engaging in “several rounds of assessment and audits” relating to Ceat’s radial tyre plant in Mumbai, India.
A new managing director and chief executive officer will take the helm of Ceat Ltd. from 1 April 2023. The Indian tyre maker has appointed current chief operating officer Arnab Banerjee as successor to Anant Goenka in both positions for a term of two years. On this date, Goenka will become Ceat’s vice chairman and in this role will lead parent company RPG Enterprises into “new business segments.”
Ceat Specialty has appointed Peter James Cawson to lead the company’s growing business in the UK and Ireland. The new Business Development Specialist brings with him 16 years of tyre industry experience, most recently at Michelin, where he served as a territory business manager.