CEAT shares crash 9% after Q1 net profit tumbles 96% YoY to Rs 4 crore. What lies ahead?

CEAT shares dropped over 9% on Friday after reporting a significant profit decrease. The tyre maker’s net profit fell 96% year-on-year to Rs 4 crore. Higher raw material costs due to the West Asia crisis impacted profitability during the quarter. Revenue from operations grew 22% year-on-year to Rs 4,318 crore. The company announced a Rs 1,205 crore investment for manufacturing capacity expansion.

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