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Ceat: Q3 2022 financial results

Ceat Limited, an RPG Group company, reports consolidated revenue of Rs 27.27 billion (£269.9 million) for the three months to 31 December 2022, the third quarter of its financial year. This result represents a year-on-year increase of 13.0 per cent. EBITDA rose 61.8 per cent year-on-year to Rs 23.14 billion (£229.0 million), with an EBITDA margin of 8.5 per cent, up 256 bps compared with the same period of last year. Net profit stood at Rs 348 million (£3.4 million).

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Ceat plant named a WEF Lighthouse

Ceat has become the first tyre brand to gain World Economic Forum (WEF) ‘Lighthouse’ certification. Managing Director Anant Goenka accepted the honour at a ceremony in Davos on Monday. The tyre maker’s Halol plant in India is one of just 132 facilities in the WEF Lighthouse Network.

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Ceat Specialty lifts ag radial capacity 50% – further growth planned

Ceat Specialty reports having increased its production capacity for agricultural radial tyres by 50 percent in 2022, a measure undertaken to meet growing demand for its agricultural radial tyres in Europe and around the globe. Further growth plans include raising production capacity for these products by 55 tons per day over the next two years.

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Indian tyre makers investing to boost local rubber production

According to Dr Sawar Dhanania, chairman of the Government of India’s Rubber Board, natural rubber production within the country “will not be sufficient to meet the consumer industry’s demands” in coming years. He thus sees an “urgent need” to increase the area under rubber cultivation, something that tyre makers are helping to achieve via the NE-MITRA project.

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Ceat offering growing made for Europe truck range

Many people don’t realise that the Ceat tyre brand began life in Italy. Many also aren’t aware that Ceat is today one of India’s top tyre makers and offers a full portfolio, from scooter through to tractor tyres. Truck tyres too, and the company is currently working to gain a foothold within this sector in the UK and Europe. It is spearheading efforts here with the new generation Winmile range.

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Ceat offering broad summer, all-season & winter line-up

Arguably best known in the UK through its agricultural range, Ceat also produces a full line of passenger and commercial tyres. The well-known Indian brand is now offering a comprehensive range in Europe and the UK, including products developed with the assistance of the CEAT European Technical Centre (CETC) in Germany. We will look at the truck range at a later date, and here focus on the eight lines Ceat is offering for the passenger vehicle and light commercial segments.

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Ceat appoints Phil Bradley as UK BDM

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Ceat has appointed Phil Bradley as the tyre brand’s UK business development manager. In this new role, Bradley will spearhead the development of the brand in the UK, focusing on passenger car tyre lines along with other segments in due course.

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Continental included in tyre cartel investigation

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The Competition Commission of India (CCI) investigation into alleged cartel activities and anti-competitive behaviour doesn’t exclusively focus on local tyre makers. Stock exchange Börse Frankfurt shares news from the German Press Agency (dpa) regarding the visit of CCI officials to a site operated by Continental AG in the city of Faridabad. The statement shares that Continental is “cooperating fully with the authorities” but does not want to comment on the details of this ongoing investigation.

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Indian competition body searches tyre makers’ premises

Indian stock exchange BSE sought clarification from three tyre makers after media outlet CNBC-TV18 reported yesterday that the Competition Commission of India (CCI) had visited their premises as part of its investigation into alleged competition violation and cartelisation. One of the tyre firms, Apollo Tyres Ltd., responded to the BSE query earlier today. The other two manufacturers, Ceat Ltd. and MRF Ltd., have yet to reply.

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Sri Lanka: Kelani/CEAT to invest in expanding tyre manufacturing capacity

On 31 January 2022 Kelani Tyres PLC announced plans from the Kelani Tyres/Ceat joint venture to invest up to 3.2 billion Sri Lanka rupees (£11.637 million; 13.915 million euros; US$15.801) in increasing its tyre manufacturing capacity via machinery upgrades.

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India’s competition body shares news of tyre maker cartel

Yesterday the Competition Commission of India (CCI) finally made public the news that back in 2018 it found five tyre makers and India’s tyre industry association guilty of contravening the provisions of India’s Competition Act by indulging in cartel activities in 2011 and 2012. All protagonists have been fined for their actions.

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Off-highway capacity to double: Ceat curtails TBR expansion

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With exports of its off-highway tyres (OHT) particularly healthy at present, India’s Ceat Limited has decided to increase its strategic focus in this area and will more than double agricultural radial capacity by mid-2023. Existing plans to expand truck and bus radial (TBR) production are thus taking a back seat.

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Ceat introducing European truck tyre range

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Indian manufacturer Ceat Limited intends to launch a range of truck radial tyres in Europe during the first half of this year. Speaking during an earnings call yesterday, managing director Anant Goenka said the range would arrive in “four to six months’ time” and further push the strong growth the company is already experiencing in the region. The line-up would be similarly positioned to the “Korean players” in the market, he added.

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Ceat: Higher input costs squeezing margins

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Tyre maker Ceat Limited, the flagship subsidiary of India’s RPG Group, reports that its net revenue increased 23.9 per cent year-on-year in the second quarter of its financial year, the three months to 30 September 2021, to Rs 24.52 billion (£237.51 million). Despite growing revenues, EBITDA shrank from Rs 3.06 billion to 2.25 billion (£21.79 million), and the margin contracted 6.3 percentage points to 9.2 per cent. Net profit stood at Rs 420 million (£4.07 million).

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Amit Tolani named Ceat Specialty chief executive

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Ceat

Roughly two years after he was appointed Ceat Ltd VP of marketing, Amit Tolani has been named chief executive of Ceat Specialty, effective 1 June 2021. Ceat Specialty has its EU office in Amsterdam and has been serving European farm and OTR tyre customers since 2017. Tolani joined Ceat in 2004 and has served in various roles across sales, marketing and supply chain functions. Prior to his latest appointment, he was the chief marketing officer of CEAT.

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