Ceat Tyres drives in as IPL Strategic Time Out segment partner
Ceat will be prime sponsor for ‘Strategic Time Out’ segment in Pepsi IPL. The association is youth centric and builds on both brands’ shared values of premium and dynamic. Its longstanding association with cricket includes Ceat Cricket Ratings among others. Recently the company launched Ceat cricket gear. A tie up with IPL strengthens the brand’s association with cricket. The partnership leverages Ceat Tyres position as a global brand to increase brand awareness in key markets.
The development will include multiple on-ground and digital activations during IPL season this year. For Facebook and Twitter followers, Ceat will host contests around Strategic timeout comprising of tricky questions to create buzz around this segment for cricket enthusiasts. In addition, the brand to be actively visible on various platforms during IPL. Ceat Tyres will launch a cricket app with elements of Pepsi IPL theme, and plans to bring value to internal and external customers through this association.
Anant Goenka, Managing Director, Ceat Tyres says a 3 year deal with BCCI has been signed by picking up sponsorship of Strategic Time Out. IPL has grown as the biggest cricket property in India. Given Ceat’s long term association with cricket, this is the perfect platform for teh tyre manufacturer to come on board. This platform brings the brand to prominence through increased visibility. Through the association, the company hopes to build value for customers over the next 3 years.
Ceat Ltd reported unaudited results on a standalone basis for Q3 FY2014-15 at a revenue of Rs 1,355 crore, marginal decline of 1 pct YoY. On a consolidated basis, revenue stood at Rs 1,410 crore, marginal decline of 1 pct YoY. Standalone PBT rose by 34 pct YoY to Rs 122 crore. EBITDA for Q3 FY2014-15 was reported at 12.6 pct over 10.8pct in Q3 FY2013-14. Consolidated EBITDA margins stood at 13.0 pct over 11.1 pct in Q3 FY2013-14. Volume growth was flat but margins improved due to raw material benefit coupled with improving product mix. Rubber prices softened. Crude prices are declining and benefits should continue over the next few quarters. Ceat Tyres expects steady growth in both, domestic OEM and replacement tyre markets.
Chief Financial Officer-RPG Group, Subba Rao Amarthaluru says the company raised Rs 400 crore in November through QIP for various projects in progress. Debt/Equity was down to 0.5 times from 1.1 times, on YoY basis.