CEAT shares soar over 11% as company reports steep jump in Q2 net profit

New Delhi: Shares of tyre maker CEAT Ltd jumped over 11 per cent in morning trade on Tuesday, after the company reported a steep rise in consolidated net profit at Rs 207.72 crore for the September quarter.

Helped by the encouraging earnings, the stock rallied 11 per cent to Rs 2,333.90 on the BSE.

At the NSE, the stock jumped 11.18 per cent to Rs 2,337.

The company had posted a consolidated net profit of Rs 6.44 crore in the year-ago period, CEAT Ltd said in a regulatory filing on Monday.

Consolidated revenue from operations during the second quarter of the current fiscal stood at Rs 3,053.32 crore, as against Rs 2,894.48 crore in the year-ago period, it added.

Total expenses were lower at Rs 2,793.41 crore, as compared to Rs 2,864.18 crore last year, the company said.

"The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments – replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter," CEAT Ltd MD & CEO Arnab Banerjee said in a statement.