Ceat shares tank over 6 per cent on disappointing earnings

MUMBAI: Shares of tyre major Ceat today fell up to 6.15 per cent after the company reported 3.86 per cent decline in consolidated net profit for the fourth quarter ended March 31, 2014.

At close, the stock was down by 4.91 per cent at Rs 388.55 on the BSE. During the day, the scrip tanked 6.15 per cent to Rs 383.45.

At the NSE, the stock ended 5.58 per cent lower at Rs 387.

Ceat yesterday posted 3.86 per cent decline in consolidated net profit at Rs 62.42 crore for the fourth quarter ended March 31, 2014.

Consolidated net sales of the company rose to Rs 1,443.87 crore in the fourth quarter, up 8.28 per cent as compared to Rs 1,333.42 crore during the same period of previous fiscal, Ceat had said.

Overall expenses in the quarter were at Rs 1,314.31 crore as against Rs 1,225.93 crore in the same quarter a year ago.

For the entire 2013--14, Ceat's net profit stood at Rs 270.79 crore, as against Rs 120.19 crore in the previous financial year.