Ceat shares down 3.5% on disappointing Q1 show

MUMBAI: Shares of tyre maker Ceat today fell by 3.5 per cent after the company reported 17.38 per cent dip in consolidated net profit for the first quarter ended June 30.

The scrip lost 3.53 per cent to Rs 852.50 on BSE.

At NSE, shares of the company went down by 3.42 per cent to Rs 851.60.

Ceat yesterday reported 17.38 per cent decline in consolidated net profit to Rs 93.07 crore.

The company had reported a net profit of Rs 112.65 crore during the same period of the previous fiscal.

Net sales of the company however rose to Rs 1,460.92 crore for April-June as against Rs 1,404.15 crore during the same period of 2015-16, Ceat Ltd had said in a BSE filing.

"Margins have declined largely due to higher investment in the brand and some price drops that were passed on to the consumers," Ceat Ltd Managing Director Anant Goenka said.