Key Points
BENGALURU, July 25 (Reuters) - Indian tyremaker CEAT (CEAT.NS) posted a near 16-fold jump in profit boosted by strong demand and drop in raw material costs...
The Mumbai-based company's consolidated net profit rose to 1.45 billion rupees ($17.71 million) from 92.5 million rupees a year earlier...
Analysts, on average, expected a profit of 1.28 billion rupees, according to Refinitiv IBES data...
Domestic two-wheeler volumes rose by about 10% year-on-year during the quarter due to healthy demand in both urban and rural areas, while the medium and commercial vehicles industry also grew about 6%, said research firm Nuvama..
CEAT in FY2023 reported a 21% rise in revenue, despite facing global headwinds due to the Ukraine crisis as well as the devaluation of the Indian rupee...
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