Thursday, December 19, 2024 | 08:14 PM ISTEN Hindi

Ceat

Ceat's Anant Goenka resigns to focus on group; Arnab Banerjee to take over

Tyre maker CEAT Ltd on Monday said its Managing Director and CEO Anant Goenka has resigned to focus on group activities and has been named as its Vice Chairman. The company's board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO. Goenka expressed his desire to hand over the charge of the company to a successor with a view to focus on initiatives at the group level. Accordingly, he sought to be relieved of his duties as MD & CEO of the company with effect from close of business hours of March 31, 2023, while continuing as a board member, CEAT Ltd said in a regulatory filing. He has been MD and CEO of the company since April 1, 2012, it added. The board has approved the appointment of Goenka as a non-executive non-independent director, designated as Vice Chairman of the company from April 1, 2023, the filing said. CEAT said Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take up strategic functions at the .

Updated On : 20 Mar 2023 | 11:10 PM IST

Ceat looks for opportunities as world seeks alternative to China: Official

With the world looking for an alternative to China for sourcing tyres, Ceat Ltd is planning to cash in on the opportunity based on its 'value brand' positioning despite slowdown in many economies, according to company Executive Director, Finance & CFO, Kumar Subbiah. The company, which gets 20 per cent of its total revenue from exports, plans to enter the US market in the later part of the current year, following up on its entry into the European market for truck and bus radial tires last year. In the current fiscal, the company's exports have been flattish as it "took some kind of beating, largely on account of current conditions in Europe and some other countries finding it difficult to get currency to import tyres", Subbiah told PTI. However, he said, "Exports, we expect it to come back to growth path in the coming year, subject to global macroeconomic conditions permitting that kind of growth. We set ourselves ready to take advantage of any requirements. "The world is looking .

Updated On : 05 Feb 2023 | 1:03 PM IST

Ceat reports Rs 35 crore net profit in Q3, total income increases

Tyre maker Ceat on Wednesday posted a consolidated net profit of Rs 35 crore for the third quarter ended December 2022. The company had reported a net loss of Rs 20 crore in the October-December quarter of the previous fiscal. Total income increased to Rs 2,729 crore in the third quarter from Rs 2,416 crore in the year-ago period, Ceat said in a regulatory filing. "Our margins continue to improve as a result of the cooling commodity prices. Growth is led by domestic demand as we remain cautious about international markets that are getting impacted by recessionary trends," Ceat Managing Director Anant Goenka said. The company's outlook for the ongoing quarter is positive, he added. "We have the capacities available to cater to a growing market demand," Goenka said. Ceat CFO Kumar Subbiah said the company brought down its overall inventories by Rs 280 crore, which helped in bringing efficiencies in operating cash flows and minimising borrowings. "We intend to maintain our capex fo