CEAT Kelani Holdings has won its second consecutive National Business Excellence Award for excellent performance and contribution to the economic growth of the country.
An indo-Sri Lanka joint venture between Kelani Tyres PLC of Sri Lanka and CEAT Ltd., of the RPG Group of India, CEAT Kelani was the winner in the ‘Manufacturing – Large Scale’ (Others) category at the 2011 edition of this annual awards presentation of the National Chamber of Commerce of Sri Lanka (NCCSL).
This is the third high-profile award won by the company for business performance and quality standards in 2011.
“It is most encouraging for CEAT Kelani to be once again recognised as a corporate entity that has made a substantial contribution to the national economy,” the company’s Managing Director and CEO, N C Venugopal said. “Passion for consistent improvement in all aspects has been, and will continue to be, one of the key defining characteristics of CEAT Kelani Holdings.”
CEAT Kelani’s spectacular business and financial performance in FY 2010-11 was a key factor in winning this accolade, the company said. CEAT Kelani reported sales of Rs 8.4 billion with domestic sales contributing Rs 6.4 billion and stellar growth of 57 per cent in sales value and 37 per cent in sales volume, in the last financial year.
The leader in Sri Lanka’s truck/light truck market, CEAT Kelani increased its market share in this segment to 58 per cent in 2010-11. The brand’s market share of three-wheeler, radial and motorcycle segments stood at 39 per cent, 17 per cent and 13 per cent respectively at the end of the year.
The company’s Return on Capital Employed (ROCE) at the end of the financial year stood at 37.5 per cent.
CEAT Kelani also obtained high scores in other areas of assessment for the award. These were global reach, knowledge integration, technological investment, capacity building, performance management, corporate governance and Corporate Social Responsibility.
In the sphere of Corporate Social Responsibility, CEAT Kelani continued its commitment to the company’s ‘Saksham’ training programme for young people on the threshold of employment and its Road Safety and Foster Care programmes. The company also further strengthened its support to cricket as the title sponsor of the CEAT Sri Lanka Cricket Awards and to motor racing through its involvement in racing events and as the prime sponsor of the CEAT-SLARDAR Championship awards.
Earlier this year, CEAT Kelani Holdings won the title of the ‘Best Performing Company of the Year’ in the RPG Group of India, overcoming competition from 15 other companies in the Group, whose collective annual turnover exceeds US $ 4.5 billion. The company also won the National Quality Awards in the Manufacturing (Large Scale) category in 2011.
CEAT Kelani operates three manufacturing units in Sri Lanka manufacturing truck, light truck, radial, motorcycle, three-wheeler and agricultural tyres and employs a workforce of 900 people.