2173 per cent returns: This multibagger tyre manufacturing company reports an impressive 5,531 per cent increase in net profit!

Shares of the company have gained more than 100 per cent in the last one year.

On July 25, 2023, CEAT Limited has reported results for the first quarter ended June 30, 2023 (Q1FY24). The revenue of the company for Q1FY24, stood at Rs 2935.17 crore which grew by 4.14 per cent YoY. The operating profit of the company stood at Rs 390.35, growing 132.32 per cent YoY while the PAT of the company grew by 5531.15 per cent YoY staying at Rs 146.41 crore.

The improvement in the company’s performance was due to an increase in the scale of operations, along with a significant improvement in the market share across the product segments, leading to an improvement in the margin and profitability.

CEAT is one of India’s leading tyre manufacturers and has a strong presence in global markets. CEAT produces more than 41 million high-performance tires, catering to various segments like 2-3 Wheelers, Passenger and Utility Vehicles, Commercial Vehicles, and Off-Highway Vehicles. CEAT has a widespread distribution network spread across the country with more than 4,600 dealers.

On Wednesday, the stock opened at Rs 2556.05, with a high and low of Rs 2592.50 and Rs 2480.00. The stock closed trading at Rs 2493.35, up by 0.66 per cent.

In the last one year, the shares of the company have given more than 100 per cent returns and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.