To,
The Members of CEAT Limited,
The Directors of the Company are pleased to present SixtySixth Annual
report together with the Standalone and Consolidated Audited Financial Statements of the
Company for the year ended March 31, 2025.
Financial Summary and Highlights
|
Standalone |
Consolidated |
Particulars |
|
|
|
|
|
FY 202425 |
FY 202324 |
FY 202425 |
FY 202324 |
Revenue from Operations |
13,17,165 |
11,89,260 |
13,21,787 |
11,94,348 |
Other Income |
3,335 |
2,627 |
1,755 |
1,973 |
Total Revenue |
13,20,500 |
11,91,887 |
13,23,542 |
11,96,321 |
Total Expenses (excluding
exceptional items) |
12,52,495 |
11,01,114 |
12,58,421 |
11,06,914 |
Exceptional item |
2,961 |
4,251 |
2,961 |
5,817 |
Profit Before Taxation |
65,044 |
86,522 |
64,340 |
85,670 |
Tax expense: |
|
|
|
|
Current Tax |
11,214 |
15,188 |
11,382 |
15,777 |
Deferred Tax charge / (credit) |
5,620 |
5,904 |
5,821 |
6,365 |
Profit after tax, noncontrolling
interest and share of profit from |
48,210 |
65,430 |
47,137 |
63,528 |
Joint Venture |
|
|
|
|
Other Comprehensive Income |
|
|
|
|
Items that will not be
reclassified to profit or loss: |
|
|
|
|
Remeasurement gains / (losses) on
defined benefit plans |
(675) |
237 |
(679) |
39 |
Income tax relating to the above |
170 |
(60) |
170 |
(2) |
Items that will be reclassified
to profit or loss: |
|
|
|
|
Effective portion of gains
(losses) on hedging instruments |
(2,810) |
(268) |
(2,810) |
(268) |
in cash flow hedges |
|
|
|
|
Exchange differences on
translating the financial |
|
|
97 |
1,055 |
statements of a foreign operation |
|
|
|
|
Income tax relating to movement
in cash flow hedges |
707 |
67 |
707 |
67 |
Total Comprehensive Income for
the year |
45,602 |
65,406 |
44,622 |
64,419 |
State of Company's Affairs
During the Financial Year 2024 25, the Company continued its upward
trajectory in revenue, driven by strong contributions across key business segments. On a
standalone basis, the Company recorded revenue from operations of Rs. 13,17,165 lakhs,
higher by 10.76% compared to Rs. 11,89,260 lakhs during last financial year. On a
consolidated basis, the Company recorded revenue from operations of Rs. 13,21,787 lakhs,
higher by 10.67% compared to Rs. 11,94,348 lakhs during last financial
The replacement business delivered a robust performance, especially in
the commercial vehicle segment, which witnessed doubledigit growth. The twowheeler segment
also registered 10.8% growth, while the passenger vehicle segment recorded a 6.8% growth.
The OEM segment also reported 7.1% growth, led by Passenger Car Utility Vehicles (PCUV)
and 2/3wheeler categories. The Company received new model approvals as well as enhanced
share of business from particularly in PCUV. Despite macroeconomic challenges, including
substantial freight rate hikes and container shortages in Q1, the International Business
segment posted modest growth. Notably, both the PCUV and 2/3wheeler categories within this
segment recorded about 19% growth.
The consolidated gross margin declined to 37.72%, compared to 42.02% in
the previous fiscal year due to higher raw material costs. However, the Company continued
to focus on effective cost controls, which resulted in a reduction in operating expenses
as a percentage of turnover. On a standalone . basis the Company recorded a net profit of
Rs. 48,210 lakhs against a net profit of Rs. 65,430 lakhs of the last financial year. The
Company
's EBITDA stood at
Rs. 1,48,616 lakhs, a decrease of 10.24% over EBITDA of Rs. 1,65,568 lakhs of the last
financial year.
On consolidated basis, the Company recorded a net profit of Rs. 47,137
lakhs, against a net profit of Rs. 63,528 lakhs of the last financial year. The Company
's EBITDA Rs. 1,49,594 lakhs, a decrease
of 10.58% over EBITDA of
Rs. 1,67,303 lakhs of the last financial year due to higher raw
material cost.
Capital expenditure for the year aggregated to Rs. 94,336 Lakhs for
expanding capacities across product segments and improving efficiencies. Debt levels saw
an increase, consolidated gross debt standing at Rs. 1,92,835 Lakhs from Rs. 1,62,890
Lakhs last year. However, the Company has maintained a healthy debttoEBITDA ratio of
1.29x.
The Company continues to monitor market conditions, particularly raw
material prices and exchange rate fluctuations, while maintaining a prudent approach
toward working capital and debt management.
Various initiatives being taken under Environment, Social and
Governance (
ESG') are more particularly described under
the relevant sections in this Integrated Annual Report as well as the Business
Responsibility and Sustainability Report. The Company achieved a score of 56 for FY
202425, as against 49 in past year, as assessed under the Corporate Sustainability
Assessment by S&P Global.
In the preparation of Financial Statements, no treatment different from
that prescribed in the relevant Accounting Standards has been followed. More details on
the Company
's business
visavis the overall Industry, economy and markets., etc. are interalia, set out in
the Management Discussion and Analysis (MDA) section which forms part of this Integrated
Annual Report.
Material Changes and Commitments, if any affecting the Financial
Position of the Company
There are no material changes and commitments, affecting the financial
position of the Company which has occurred between the close of the Financial Year as on
March 31, 2025, to which the Financial Statement relate and the date of this Report.
Dividend
Considering the profits for the year under review and keeping in view
capital expenditure requirements of the Company, the Directors are pleased to recommend a
dividend of Rs. 30 (i.e. 300 %) per equity share of face value Rs. 10/ each for the
Financial Year ended March 31, 2025. The dividend for last year was Rs. 30 (300%) per
equity share.
Dividend Distribution Policy
Pursuant to Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the Company has
adopted the Dividend Distribution Policy which is available at https://www.ceat.com/
investors/corporategovernance.html
Transfer to General Reserve
As permitted under the Companies Act, 2013 (
the Act'), the Directors do not propose to transfer any sum to the General Reserve
pertaining to FY 202425.
Deposits
The Company has not accepted any deposit during the financial year FY
202425 and no interest is due for payment.
Subsidiaries and Associate companies
The highlights of performance of subsidiaries and their contribution to
the overall performance are included in the Form AOC 1, Consolidated Financial Statements
section in this Annual Report, in accordance with the provisions, interalia, under
Section 129 of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014. The
details of developments among subsidiaries during the year under review are set out in the
Notes to Consolidated Financial Statements.
Further, the subsidiary(ies) which were incorporated during the
year/previous year(s) viz. PT CEAT Tyres, Indonesia, CEAT OHT Lanka (Private) Limited, Sri
Lanka and CEAT Brazil Tires Servicos Ltda, Brazil, did not commence operations and thus no
income is being reported for FY 202425.
The Company has enteredintodefinitive agreement(s) to acquire CAMSO
brand
's OffHighway
construction equipment bias tyre and tracks business from Michelin. The closing process is
underway. Further, on May 2, 2025, CEAT OHT Ventures (Private) Limited, a step down
subsidiary, was incorporated in Sri Lanka.
Joint Venture in Sri Lanka
Associated CEAT Holdings Company (Private) Limited (
ACHL'), the Company's investment arm in Sri Lanka, has a 50:50 joint venture company viz. CEATKelani
Holdings Private Limited which operates 2 (two) manufacturing plants through its wholly
owned subsidiaries in Sri Lanka.
During the year under review, ACHL
's total income was LKR 3.39 lakhs (Rs. 0.96 lakhs) as compared to
LKR 49.87 lakhs (Rs. 13.02 lakhs) in FY 202324. The profit after tax (excluding from JV)
for FY 202425 was LKR 0.16 lakhs (Rs. 0.04 lakhs) as compared to LKR 31.05 lakhs (Rs. 8.11
lakhs) in FY 202324. The decline in revenue and profit after tax is primarily due to a
reduction in interest income. ACHL's joint venture continues to enjoy the overall market leadership in all
categories of tyres in Sri Lanka. The competition has intensified since last couple of
years. The Company is taking corrective actions as appropriate. ACHL has been consistently
paying dividends and during the year under review, paid a dividend to the Company of Rs.
1,641 lakhs as compared to Rs. 1,372 lakhs paid during the last year.
Joint Venture in Bangladesh
CEAT AKKHAN LTD (
CAL') is a 70:30
joint venture of the Company in Bangladesh. CAL is selling CEAT branded automotive tyres
in the local market. For the year under review, the total income of CAL was BDT 2,543.81
lakhs (Rs. 1,819.04 lakhs) as compared to BDT 15,775.49 lakhs (Rs. 11,991.58 lakhs) in FY
202324. The net loss for the year under review was BDT 491.22 lakhs (Rs. 448.93 lakhs) as
compared to the net loss of previous year BDT 3,220.30 lakhs (Rs. 2,475.86 lakhs).
Consolidated Financial Statements
In accordance with Section 129(3) of the Act and Regulation 34(2) of
the SEBI Listing Regulations, the Consolidated Financial Statements of the Company,
including the financial details of all the subsidiary companies, associate companies and
joint ventures of the Company, form part of this Integrated Annual Report.
Directors and Key Managerial Personnel Officer does not Appointments
and Reappointments
Independent Director(s):
Ms. Daisy Chittilapilly (DIN: 09577569) Appointed w.e.f. May 2, 2024
Mr. Praveen Pardeshi (DIN: 01658052) Appointed w.e.f. June 17, 2024 Dr. Santrupt Misra
(DIN: 00013625) Appointed w.e.f. March 18, 2025
Executive Director:
Mr. Arnab Banerjee Reappointed as Managing Director & CEO for a
oneyear term (April 1, 2025 March 31, 2026), approved at the 65th AGM on August 29, 2024.
Key Managerial Personnel:
Mr. Gaurav Tongia Appointed as Company Secretary and Compliance Officer
w.e.f. July 1, 2024.
Resignations and Completion of Term:
Ms. Priya Nair (DIN: 07119070) Resigned w.e.f. April 1, 2024, due to
other professional commitments. Mr. Praveen Pardeshi (DIN: 01658052) Resigned w.e.f. April
10, 2025, due to preoccupations.
Mr. Mahesh Gupta (DIN: 00046810), Mr. Atul Choksey (DIN: 00002102), and
Mr. Haigreve Khaitan (DIN: 00005290) Completed their second terms, effective September 26,
2024.
Mr. Ranjit Vasant Pandit (DIN: 00782296) Resigned on March 2, 2025,
after nearly 10 years of service. Mr. Paras K Chowdhary (DIN: 00076807) Resigned w.e.f
from close of business hours on July 7, 2025, due to personal exigences.
Ms. Vallari Gupte, Company Secretary and Compliance Officer Resigned
w.e.f. close of business hours on May 7, 2024.
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. H. V. Goenka (DIN: 00026726) is liable to
retire by rotation and, being eligible, offers himself for reappointment at the
forthcoming Annual General Meeting. Further the Board has also proposed, the extension of
Mr. Arnab Banerjee
's (DIN:
06559516) term as Managing Director and CEO for a period of two years, effective April 1,
2026.
Remuneration received by Managing / Whole time Director from holding or
subsidiary company
Mr. Arnab Banerjee (DIN: 06559516), Managing Director and
ChiefExecutive any profit related commission from the Company or any of the subsidiaries
of the Company as prescribed under Section 197(14) of the Act. No other remuneration is
received by him from the subsidiary company(ies). Details of executive compensation are
contained in this annual report.
Company's Policy on Directors' appointment and remuneration
The Board has adopted a Nomination and Remuneration Policy which serves
as a guiding framework for the appointment and remuneration of Directors, Key Managerial
Personnel (KMP) and Senior Management Personnel of the Company. The policy lays down the
criteria for determining qualifications, positive attributes and independence of
Directors, as mandated under Section 178(3) of the Companies Act, 2013 and Regulation 19
of the SEBI Listing Regulations as amended from time to time. The detailed policy is
available at https://www.ceat.com/ investors/corporategovernance.html.
The salient features of the Policy, are:
I. appointment and remuneration of Directors, Key Managerial and Senior
Management Personnel;
II. qualifications, positive attributes and independence for
appointment of Director and assessment of independence of Independent Director (ID); III.
performance evaluation of all Directors; and expertise IV. core
skills/expertise/competencies required of the Board of Directors of the Company; ectors)
Rules, 2014, as applicable. V. Board Diversity.
Declaration of independence and statement on compliance of Code of
Conduct
All the Independent Directors of the Company have provided declaration
of independence as required under Section 149(7) of the Act and Regulation 25(8) of the
SEBI Listing Regulations, stating that they continue to meet the criteria of independence
as laid down under Section 149(6) of the Act and Regulation 16 of the SEBI Listing
Regulations. Further, Independent Directors of the Company have also confirmed that they
have complied with the Code for Independent Directors prescribed in Schedule IV to the
Act. They had no pecuniary relationship or transactions with the Company, other than as
permitted under relevant regulations. The Board is of the opinion that the Independent
Directors of the Company possess requisite and they qualifications,experience, proficiency
hold highest standards of integrity. The Directors are compliant with the provisions of
Rule 6 of the Companies (Appointment andQualification of
Statement regarding the opinion of the Board concerning integrity,
expertise and experience proficie of the Independent Directors (includingthe appointed
during the year
In the opinion of the Board, Ms. Daisy Chittilapilly, Mr. Praveen
Pardeshi and Dr. Santrupt Misra, the Directors appointed during the year under review, are
persons of integrity and have relevant expertise and experience.
Evaluation of Board, its Committees and Directors
In accordance with the Act and Listing Regulations, the Board conducted
its annual evaluation, including that of its Committees, the Chairman, and individual
Directors details of which are set out in the Corporate Governance Report herein.
Board Committees
In compliance with the Companies Act, 2013 and the SEBI Regulations,
the Company has constituted all statutory committees, besides a Finance and Banking
Committee. Detailed information on the composition, meetings, and activities of these
committees during the year is provided in the Corporate Governance Report. There were no
instances during the year where the Board did not accept the recommendations of
committees, including the Audit Committee.
Employee Stock Option Scheme
The Board of Directors based upon the recommendation of Nomination and
Remuneration Committee at its meeting held on March 18, 2025,
approvedinstitutionofEmployeesStock identification and monitoring of such Option Scheme
2025 (
Scheme), for grant of upto 4,00,000 options,
subject to approval of shareholders. The shareholders approval thereto has been procured
on May 11, 2025 via postal ballot. The provisions pertaining to any material change in the
ESOP Scheme are not applicable for the financial year. Further details are available on
website of the Company at
https://www.ceat.com/investors/disclosureunderregulation46and62oflodrregulations.html
Particulars of Loans, Guarantees or Investments
Details as applicable concerning particulars of Loans, Guarantees and
Investments under Section 186 of the Act are provided in the Financial Statements.
Creation of Charge
During the year under review, the Company created a charge for an
amount of Rs. 500 crores over specified assets located at the Ambernath Plant in order to
secure a term loan.
Related Party Transactions
The Company has formulated a Policy on Related Party Transactionsforthe
transactions. The said Policy was amended during the year, interalia, due to
change(s) in underlying provisions of SEBI
Listing Regulations and pursuant to Board approval basis underlying
audit committee recommendation. The amended policy is available on the Company
's website. Related Party Transactions
were placed before the Audit Committee as prescribed under Section 177 of the Act,
although no such transactions attracted the provisions of Section 188 of the Act. As such,
there are no particulars to be disclosed in the prescribed Form AOC2.
Share Capital
The paidup equity capital of the Company as on March 31, 2025 was Rs.
4,045 lakhs. The said shares are listed on the BSE Limited and the National Stock Exchange
of India Limited. There was no change in the paidup capital of the Company, during the
year under review.
Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2025, is available on its website at
https://www.ceat.com/investors/ shareholderinformation.html
Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo
Conservation of Energy
In line with environmental sustainability goals, the Company has
significantly reduced its reliance on conventional energy by adopting hybrid energy input
model at five of its six manufacturing plants under its green manufacturing strategy.
A key initiative includes replacing coal with biomass briquettes,
resulting in the consumption of about 1.00 lakh metric tons of briquettes and offsetting
approximately 1.81 lakh metric tons of CO2 emissions. Renewable energy now accounts for
about 49% of the Company
's
total energy mix, supported by power purchase agreements and rooftop solar installations.
Additional measures, such as steam conservation, have saved 0.07 lakh
metric tons of CO2, while continuous efficiency improvements have led to a net emission
reduction of 0.02 lakh metric tons. To further these efforts, the Company has invested Rs.
5,923 lakhs in energy conservation initiatives. Further details are available in the
Natural Capital' section of this Integrated Annual Report.
Research and Development (R&D) and Technology Absorption
The Company
's R&D division, with 290 professionals in Halol, controls were in place India
and Frankfurt, Germany, drives product innovation, efficiency and market growth. Focused
on developing safer, longerlasting and energyefficient tyres, the team leverages advanced
digital and simulation tools to reduce physical testing, lowering development time, cost
and energy consumption supporting sustainability goals.
Details of expenditure on Research and Development:
Particulars |
FY 202425 |
FY 202324 |
Capital expenditure |
7,972 |
4,823 |
Revenue expenditure |
14,458 |
12,493 |
Total |
22,430 |
17,316 |
Foreign Exchange Earnings and Outgo
Particulars FY 202425 FY 202324
Foreign Exchange earned 2,55,290 2,35,159 Foreign Exchange outgo
3,06,679 2,10,198
Particulars of Employees
The statement containing names of top ten employees in terms of
remuneration drawn and the particulars of employees as required under Section 197 of the
Act read with confirming compliance Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 forms part of this Integrated Annual Report. However,
pursuant to Section 136 of the Act, this report is being sent to the members excluding the
aforesaid information. Any member interested in obtaining said information may write to
the Company Secretary at the Registered Office and the said information is open for
inspection.
Directors' Responsibility Statement
According to Section 134(3)(c) of the Act, the Board of Directors, to
the best of its knowledge and belief, states that: I. The applicable Accounting Standards
have been followed in the preparation of the annual accounts along with the proper
explanation relating to material departure, if any. II. Such accounting policies have been
selected and applied consistently and such judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company in the Balance Sheet as at March 31, 2025 and the Statement of Profit and Loss for
the said Financial Year ended March 31, 2025.
III. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Act, for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities.
IV. The annual accounts have been prepared on a going concern basis.
V. The proper internal financial that such internal financial controls
are adequate and were operating effectively.
VI. The system to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and are operating
effectively.
Integrated Annual Report
In line with the SEBI Circular dated February 6, 2017 on Integrated
Reporting by Listed Entities, the Company has been publishing Integrated Annual Report,
since the Financial Year 201920. YearonYear, the Company through the Integrated Report is
endeavoring to communicate its integrated thinking and how its business creates sustained
value for stakeholders.
Management Discussion and Analysis and Corporate Governance Report
In compliance with Regulation 34 of the SEBI Listing Regulations, a
separate section on Management Discussion and Analysis (MDA), as approved by the Board,
forms part of this Integrated Annual Report and outlines the Company's state of affairs.
The Report also includes the Corporate Governance Report and General Shareholder
Information, as prescribed under Schedule V, along with a certificate from the Secretarial
Regulations, Auditor duly approved by the Board.
Business Responsibility and Sustainability Report
Pursuant to Regulation 34(2) (f) of the SEBI Listing Regulations, BRSR
describing initiatives taken by the Company from ESG perspective forms part of this
Integrated Annual Report.
Auditors
Statutory Auditors
The Members, at the Sixty Third Annual General Meeting of the Company
held on June 28, 2022, approved the appointment of M/s B S R & Co. LLP, Chartered
Accountants (Firm Registration No. 101248W/W100022), as the Statutory Auditors of the
Company for a term of five (5) years, from the conclusion of the said meeting until the
conclusion of the Sixty Eighth Annual General Meeting, in accordance with Section 139(1)
of the Companies Act, 2013, read with the Companies (Audit and of Auditors) Rules, 2014.
Secretarial Auditors
The Company had appointed M/s Parikh & Associates, Practising
Company Secretaries, to conduct Secretarial Audit for the Financial Year ended March 31,
2025, as prescribed under Section 204 of the Act and Rules made thereunder. The
Secretarial Audit Report in the prescribed Form MR3 for FY 202425 furnished by M/s Parikh
& Associates is annexed to this Report. There are no qualifications, disclaimers,
reservations or adverse remarks made in the Secretarial Audit Report. During the year the
Company paid an amount of Rs.10,000 as per the directives of NSE for short notice
intimation of record date for payment of interest on NCD.
Further pursuant to recent amendment to SEBI Listing Regulations, the
Audit Committee and the Board at their meetings held on April 29, 2025 approved
appointment of M/s. Makarand M. Joshi & Co. (Practising Company Secretaries) (MMJC) as
the Secretarial Auditor of the Company for a period of 5 (five) years and has recommended
the to members for their approval. Accordingly, an item for appointment of Secretarial
Auditors of the Company is being placed at the ensuing AGM for approval by the Members.
Internal Auditors
M/s Deloitte Touche Tohmatsu India LLP were reappointed as the Internal
Auditors of the Company in accordance with Section 138 of the Companies Act, 2013. M/s
Deloitte Touche Tohmatsu India LLP undertook the internal audit of the Company as
prescribed under the Act. In addition to that, M/s Singhi and Company were engaged to
conduct internal audits at specific locations including CFA, Distribution Centres,
Regional Offices, Zonal office and outsourcing units for FY 2024 25. The internal audits
were carried out in accordance with the scope and mandate defined by the Audit Committee
from time to time.
Cost Record and Cost Auditors
During the year under review, in accordance with Section 148(1) of the
Act, the Company has maintained the accounts and cost records, as specified by the Central
Government. Such cost accounts and records were subjected to audit by M/s D. C. Dave &
Co., Cost Auditors of the Company for FY 202425. The Cost Auditors
' Report did not contain any qualifications, reservations, adverse
remarks or disclaimers and no frauds were reported by the Cost Auditors to the Company
under of Section 143 of the Act.
The Board of Directors has reappointed M/s D. C. Dave & Co., Cost
Accountants, (Firm Registration No. 000611) as Cost Auditors of the Company and recommends
ratification remuneration payable to the Cost Accountants for the year ending on March 31,
2026 by the Members at the ensuing AGM.
Secretarial Standards
Pursuant to Section 205 of the Act, the Company complies with the
applicable Secretarial Standards as mandated by the Institute of Company Secretaries of
India (
ICSI') in compliance with applicable
provisions read together with the relevant circulars issued by MCA.
Details in respect of Frauds Reported by Auditors under Section 143(12)
of the Companies Act, 2013
During the year under review, no frauds were reported by the auditors
to the Audit Committee or the Board under Section 143(12) of the Act read with Rule 13 of
the Companies (Audit and Auditors) Rules, 2014.
Significant and Material Orders Passed by the Regulators or Courts or
Tribunals Impacting the going Concern Status
There are no significant and material orders passed by the Regulators
or Courts or Tribunals, Statutory and quasijudicial bodies, impacting the going concern
status and Company
's
operations in future. There is no corporate insolvency resolution process initiated under
the Insolvency and Bankruptcy Code, 2016.
Internal Financial Control
Details in respect of adequacy on internal financial controls
concerning the Financial Statements are interalia, stated in the MDA Section which
forms part of this Integrated Annual Report.
Disclosure under Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act, 2013
In accordance with the provisions of the Sexual Harassment of Women at
the Workplace (Prevention, Prohibition and Redressal) Act, 2013 (
POSH Act'), the Company has put in place a Policy on Prevention of Sexual Harassment of
women at Workplace available at https://www.ceat.com/investors/ corporategovernance.html
and 8 Internal Complaints Committees (ICC')
have been set up to redress complaints and following are the details of complaints for FY
202425:
Particulars |
Number |
(a) Number of complaints of
sexual harassment received in the year |
|
(b) Number of complaints disposed
off during the year |
|
|
NIL |
(c) Number of cases pending for
more than |
|
Maternity Benefit Act, 1961
The Company has complied with the provisions relating to the Maternity
Benefit Act 1961.
Acknowledgement
Your Directors wish to express their grateful appreciation for the
cooperation and continued support extended by its various stakeholders like the Central
Government, State Government, Customers, Suppliers, Dealers, Value Chain partners, Banks,
Financial Institutions, Communities, Employees and the Members towards conducting business
of the Company.
On behalf of the Board of Directors
H. V. Goenka
Place: Mumbai Chairman Date: July 17, 2025 DIN: 00026726
Note: The Board's report for FY 202425 was originally approved by the
Board on April 29, 2025. This report is updated to the extent of key factual updates
during the intervening period till this date of the meeting. All the Annexures referred to
in the Board
's Report form
an integral part of the same, unless otherwise stated. The entire Integrated Annual Report
along with the Notice convening the AGM is to be read together. Further details are
available on the website www.ceat.com