Ceat's profit for the December quarter fell 36 percent YoY to Rs 52.24 crore.
Shares of Ceat slipped over 1 percent after reporting weak results for the quarter ended December 31, 2018.
The stock fell as much as 5.9 percent on the BSE before recovering as rising as much as 0.25 percent.
The tyre manufacturer's profit for the December quarter fell 36 percent YoY to Rs 52.24 crore.
Total income rose to Rs 1,717.95 crore for the quarter, up from Rs 1,580.78 crore in the corresponding period last year.
Citi has maintained its Buy rating on Ceat but has cut the stock's target price to Rs 1,450 from Rs 1,600.
At 0928 hours, Ceat was quoting at Rs 1,137.75 on the BSE, down 1.23 percent.
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