Ceat Ltd is up in the green today morning; the stock price is up over 2% at Rs.1142.40, closer to its intra day high of Rs.1149.95. Its 52-week high stands at Rs.1318.30.

The market is happy with the company’s performance for Q4FY16. It reported a 11% (YoY) rise in consolidated net profit at Rs.105 crore though total income was down 1% at Rs.1459 crore.

What really helped was a 12% drop in raw material costs and total expenditure was down over 1%. Tax outgo was lower by 21% and interest cost was down 14%. EBITDA for the quarter was up 5% at Rs.195 crore while margins improved from 12.6% to 13.4%.

The company ended FY16 with a 41% at Rs.446 crore though revenue was stable at Rs.5714 crore, up less than 1%.