MUMBAI, India — CEAT Ltd. boosted its fiscal 2024 pre-tax operating income 70% to nearly $203 million on a 5.6% increase in sales to $1.44 billion for the fiscal year ended March 31.
The increase in pre-tax earnings (EBITDA) improved the operating ratio more than five points to 14%, the company said. Net income more than tripled to $77.8 million, compared with the 2023 results.
CEAT noted in its year-end earnings report that sales growth was tied predominantly to "healthy volume growth" in the replacement markets, offsetting "marginal" declines in OE volumes. Exports was the fastest-growing sector.
For the fourth quarter, CEAT's pre-tax income edged up 10.4% to $23.8 million on a 4% increase in sales to $362.3 million, compared with the year-ago period. Net income dropped 18.8% to $13.1 million.
