Ceat Q2 net profit up 7.57 per cent at Rs 82.35 crore

Tyre maker Ceat on Thursday reported 7.57 per cent increase in consolidated net profit to Rs 82.35 crore for the second quarter ended September 30, 2014.

The company had posted a net profit of Rs 76.55 crore in the July-September period of the 2013-14 fiscal, Ceat said in a filing to the Bombay Stock Exchange (BSE).

Meanwhile, Ceat in a separate filing informed that the board of the company, in a meeting held on Wednesday, approved an investment of Rs 420 crore to set up a tyre manufacturing plant for 2-3 wheelers.

The board also approved an investment of Rs 50 crore for implementing a project to manufacture special tyres (which includes off- the-road tyres) through a subsidiary company, Ceat informed.

Ceat's total consolidated income during the quarter under review increased 7.67 per cent to Rs 1,437.77 crore as against Rs 1,335.34 crore in the year-ago period.

However, for the first half of the 2014-15 fiscal, Ceat's consolidated net profit declined 5.54 per cent to Rs 134.01 crore as against Rs 141.87 crore in the year-ago period.

Total consolidated income from operation in the first half of the fiscal increased 8.93 per cent to Rs 2,900.28 crore as against Rs 2,662.35 crore in the same period last year.

Ceat shares closed at Rs 886.25 apiece on the BSE, up 1.56 per cent from previous close.