CEAT : Press Release Q4 FY24

May 2, 2024
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Bandra Kurla Complex, Bandra (East),
Mumbai 400 001	Mumbai 400 051
Security Code: 500878	Symbol: CEATLTD
	NCD Symbol: CL25, CL26
	CP Listed ISIN: INE482A14CE3, INE482A14CF0,
	INE482A14CG8, INE482A14CH6, INE482A14CJ2,
	INE482A14CI4

Sub: Press Release - Q4 FY24

Dear Sir/Madam,

The Company has submitted the Press Release concerning the Audited Financial Results of the Company for the quarter and year ended on March 31, 2024.

However, it was observed that in the first line there was inadvertent reference to third quarter instead of fourth quarter.

We therefore enclose updated copy of the Press Release and confirm that there are no other changes in the content including the details of the financial numbers.

We request you to kindly take the same on record and disseminate appropriately.

Thanking you,

Yours faithfully,
For CEAT Limited
VALLARI	Digitally signed by
KEDAR	VALLARI KEDAR
GUPTE
GUPTE	Date: 2024.05.02
22:29:46 +05'30'

Vallari Gupte

Company Secretary & Compliance Officer

Encl: as above

GJ

Q4 FY23-24 Consolidated Revenue Rs. 2991.9 crore

Growth of 1.0% Q-o-Q; 4.1% Y-o-Y

Consolidated EBITDA Rs. 400.9 crore, Operating margin 13.4%

Mumbai, India - 02nd May 2024:

CEAT Limited (CIN No: L25100MH1958PLC011041), an RPG Group company, announced its audited results for the fourth quarter and for the financial year ended 31st March 2024.

On a consolidated basis, the Company's revenue closed at Rs. 2,991.9 crore, EBITDA margin stood at 13.4%, a contraction of 97 bps vs Q3 FY23-24. Net profit stood at Rs. 102.3crore.

Commenting on the results as well as the outlook of the business, Mr. Arnab Banerjee, MD & CEO, CEAT Limited said, "The company ended the year on a positive note, we saw recovery in volumes in the second half of the quarter in replacement and international markets with stable margins for the quarter and significant improvement in the margins on full year basis and expect the positive momentum in Q1FY25. We have achieved commendable growth, largely attributable to share gain in passenger categories both in 2W and 4W and substantial expansion within the export segment. Overall, our profits & margins grew significantly during the year. The operating margins for the quarter includes additional provision made towards Extended Producers Responsibility (EPR) related requirement imposed on Tyre Industry by the Government of India.

On a standalone basis, the Company's revenue stood at Rs. 2,979.2 crore and EBITDA margin stood at 13.3%, a contraction of 89 bps vs Q3 FY23-24. Net profit stood at Rs. 119.1crore.

Mr. Kumar Subbiah, CFO of CEAT Limited, said, "As part of our continuous effort to bring efficiencies in cashflow, it has helped us reduce our consolidated gross debt by approximately Rs. 100 crores in the quarter, supported by improved operational performance. The actual overall capex for the year was close to approx Rs. 860 crore in line with our plan that we managed to fund through internal accruals. It has been a gratifying year overall, marked by positive free cash flow, significant reduction in debt, improvement in operating margins and the maintenance of healthy balance sheet leverage ratios."

The Board of Directors at its meeting held today has approved a dividend payment of 300% on equity shares for FY23-24. This is subject to approval of shareholders.

About CEAT Ltd (www.ceat.com):

CEAT, the flagship company of RPG Enterprises, was established in 1958. Today, 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 tyres, catering to various segments like 2-3 Wheelers, Passenger and Utility Vehicles, Commercial Vehicles and Off-Highway Vehicles.

About RPG Group (www.rpggroup.com):

RPG Group, established in 1979, is one of India's fastest-growing business groups with a turnover of US$ 4.4 Billion. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation-led technology businesses.

Media contacts:

RPG Group:

Priya Singh - 81690 22988| [e-mail]

Adfactors PR: Gaurav Bhat - 98330 57592 | [e-mail]