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Tyre-Maker Ceat To Increase Prices By 3-5% From Month-End
Ceat's Executive Director (Operation), Anarb Banarjee said that raw materials prices have gone up to an all-time high, touching Rs 250 per kg of natural rubber. And the current increase in rubber price is unbearable and Ceat has decided to jack-up the selling price of all types of tyres.
He added that the price revision in the range of 3-5 per cent is inevitable and it would be made effective from the last week of this month across the country. In January 2011, the company hiked tyre prices by 4-5 per cent.
In FY 11, high raw material costs had impacted the Ceat's performance. In its consolidated net profit for the year ended March 31, 2011, the company reported an 83.71 per cent turn down to Rs 26.46-crore as against a net profit of Rs 162.47-crore in the same period last fiscal.
Ceat registered a loss of Rs 11.86-crore in the January-March quarter on a stand-alone basis, as against a profit of Rs 15.33 crore in the year ago-period.
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