By Hiran H.Senewiratne
The Sri Lanka-India joint venture tyre brand CEAT, recorded a 49 percent growth during the years of 2009 and 2010 by catering to both export and domestic markets. This exponential growth was achieved in a crisis period because the company deployed the right people at the right place, its Managing Director Randeep Narang said. "In the year ending 31 March 2010, CEAT increased its profit after tax by more than five times over the previous year on sales of Rs 5.4 billion. Export revenue grew by 96 percent and continues to be steady in the current year," Narang said, unveiling the new logo of the company recently. Its new logo depicts a vibrant and colorful new visual depicting in what the company calls an evolutionary rebranding that reflects the rapid growth it has achieved in Sri Lanka over the past 24 months.
Narang said their domestic sales grew by 25 percent during the last few years. With this proposition the company was able to secure market leader positions in almost all categories in the tyre market, he said.
The company’s export revenue grew by 96 percent and continues to be steady in the current year, during which the company penetrated new markets like Egypt, Siriya, Cambodia, Nigeria Singapore, and Dubai, Vietnam.
Narang said that CEAT market share in the Truck and Light Truck, Three-Wheeler and Radial segments have grown to 59 percent, 39 percent and 18 percent respectively, making it the single highest brand in these categories.
CEAT is a joint venture between RPG Group of India and Kelani Tyre- Sri Lanka. The company operates three manufacturing units producing truck, light truck, radial, and motorcycle, three-wheeler and agriculture tyres and employs a work force of 900 people.
source - www.island.lk
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