CEAT

₹1400 4.5 | 0.3%

WEBSITE BSE:500878 NSE : CEAT LIMITED 23 Mar, 16:01

Market Cap ₹5663 Cr.

Stock P/E 72.9

P/B 1.7

Current Price ₹1400

Book Value ₹ 819.2

Face Value 10

52W High ₹1981.5

Dividend Yield 0.21%

52W Low ₹ 890

Edit Ratio

CEAT Research see more...

Equity Research: Ceat Ltd

Overview Inc. Year: 1958Industry: Tyres & Allied

CEAT Ltd is in manufacturing and sale of automotive tubes, flaps and tires,. The Company manufactures radials for a range of automobiles. It gives merchandise for light industrial vehicles (LCVs), motorcycles, scooters, cars, farm motors and trailers, off the road (OTR)/speciality cars and vans, among others. It has capability to produce about 95,000 tires/day. The CEAT Bike tires consist of CEAT Zoom, CEAT Zoom Tubeless, F67, F85, Milaze, Secura Sport and Secura Zoom, amongst others. Its scooter tire variety consists of Gripp and Zoom D. Its car tire variety includes BT, Czar AT, Czar HT, Rhino and Rhino TQ. It gives Buland and Buland Mile XL RIB for LCVs. It gives Anmol SL and Buland Mile XL for automobiles. Its tire variety for farm and agriculture vehicle consists of Aayushmaan Front, Aayushmaan Rear, Samraat Front and Samraat Super Front. It has developed OTR or speciality tires for mining, quarrying, rock excavation, construction and port programs.

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

CEAT Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	1978	2221	2290	1906	2452	2413	2592	2818	2894	2727
Other Income	4	4	3	4	3	3	3	3	10	2
Total Income	1982	2225	2293	1910	2455	2416	2595	2821	2904	2729
Total Expenditure	1686	1894	2029	1740	2231	2279	2404	2653	2691	2490
Operating Profit	296	332	264	170	223	137	191	168	213	240
Interest	45	42	40	46	50	55	57	52	58	66
Depreciation	84	87	90	96	121	109	110	111	115	117
Exceptional Income / Expenses	0	-12	0	0	-1	-7	-6	-1	-24	-0
Profit Before Tax	167	190	134	28	52	-33	19	4	16	56
Provision for Tax	-2	70	-11	12	15	-3	1	1	11	15
Profit After Tax	169	121	145	16	37	-29	18	3	6	41
Adjustments	13	12	8	8	5	9	7	7	2	-6
Profit After Adjustments	182	132	153	24	42	-20	25	9	8	35
Adjusted Earnings Per Share	45	32.7	37.8	5.9	10.4	-4.9	6.2	2.3	1.9	8.7

CEAT Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	4653	5052	5554	5752	5484	5767	6283	6985	6779	7610	9363	11031
Other Income	22	18	14	23	28	19	44	40	23	38	16	18
Total Income	4675	5070	5568	5775	5511	5786	6328	7025	6802	7648	9379	11049
Total Expenditure	4379	4599	4881	5061	4704	5102	5677	6338	6054	6648	8655	10238
Operating Profit	296	471	687	713	807	683	651	686	747	1000	724	812
Interest	196	196	187	142	101	90	104	93	154	179	210	233
Depreciation	73	81	87	93	108	143	169	193	277	340	435	453
Exceptional Income / Expenses	-3	-28	-10	-6	-11	-13	-34	-45	-30	-34	-13	-31
Profit Before Tax	24	166	403	472	587	437	344	356	287	448	66	95
Provision for Tax	6	46	132	158	187	106	134	125	74	52	24	28
Profit After Tax	18	120	271	314	400	331	210	231	213	396	42	68
Adjustments	0	0	0	3	38	30	28	21	18	36	29	10
Profit After Adjustments	18	120	271	317	438	361	238	252	231	432	71	77
Adjusted Earnings Per Share	5.3	35.1	75.4	78.4	108.2	89.3	58.8	62.4	57.2	106.8	17.6	19.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	23%	10%	10%	7%
Operating Profit CAGR	-28%	2%	1%	9%
PAT CAGR	-89%	-43%	-34%	9%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	43%	30%	-0%	32%
ROE Average	1%	7%	8%	13%
ROCE Average	5%	9%	11%	17%

CEAT Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	678	786	1029	1682	2055	2415	2606	2766	2908	3316	3273
Minority's Interest	0	0	36	33	32	29	23	24	24	23	24
Borrowings	583	424	423	354	588	852	451	1223	1641	1341	1719
Other Non-Current Liabilities	47	94	141	159	202	213	227	262	479	404	481
Total Current Liabilities	1789	1843	1911	1594	1231	1408	1839	2130	2301	3046	3663
Total Liabilities	3096	3147	3540	3822	4108	4917	5146	6404	7352	8131	9160
Fixed Assets	1587	1573	1565	1581	2032	2453	2709	3180	4160	4763	5329
Other Non-Current Assets	76	119	179	322	583	622	623	1224	1363	1127	1189
Total Current Assets	1434	1455	1796	1920	1493	1842	1815	2001	1829	2240	2642
Total Assets	3096	3147	3540	3822	4108	4917	5146	6404	7352	8131	9160

CEAT Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	46	31	98	114	71	14	24	82	68	27	36
Cash Flow from Operating Activities	17	584	197	749	702	335	672	561	956	1358	619
Cash Flow from Investing Activities	-140	-53	-142	-253	-433	-543	-412	-1060	-1076	-618	-944
Cash Flow from Financing Activities	108	-464	-40	-194	-326	219	-202	484	79	-731	313
Net Cash Inflow / Outflow	-15	67	16	301	-57	10	58	-15	-40	9	-12
Closing Cash & Cash Equivalent	31	98	114	415	14	24	82	68	27	36	24

CEAT Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	5.29	35.09	75.44	78.41	108.17	89.28	58.83	62.35	57.17	106.81	17.6
CEPS(Rs)	26.57	58.64	99.38	100.7	125.4	117.17	93.67	104.72	120.98	181.86	117.93
DPS(Rs)	1	4	10	10	11.5	11.5	11.5	12	12	18	3
Book NAV/Share(Rs)	194.19	225.68	283.57	413.66	507.97	597.02	644.27	683.83	718.89	819.85	809.1
Core EBITDA Margin(%)	5.47	8.21	11.04	10.89	12.69	10.31	9.39	9.25	10.69	12.64	7.57
EBIT Margin(%)	4.4	6.57	9.68	9.68	11.2	8.18	6.94	6.43	6.51	8.23	2.95
Pre Tax Margin(%)	0.48	3.02	6.61	7.43	9.55	6.79	5.34	5.1	4.23	5.88	0.71
PAT Margin (%)	0.36	2.18	4.44	4.95	6.5	5.14	3.26	3.31	3.14	5.2	0.45
Cash Profit Margin (%)	1.82	3.64	5.86	6.42	8.25	7.36	5.87	6.06	7.22	9.67	5.09
ROA(%)	0.61	3.85	8.1	8.53	10.08	7.33	4.18	4	3.09	5.12	0.48
ROE(%)	2.77	16.72	30.22	23.32	21.43	14.8	8.38	8.6	7.5	12.72	1.27
ROCE(%)	12.07	19.11	29.46	26.45	26.65	17.4	13.11	11.6	9.69	13.09	5.47
Receivable days	41.57	43.01	42.43	41.99	38.56	34.21	38.5	37.98	37.17	38.27	40.46
Inventory Days	43.38	38.4	39.29	41.25	39.19	44.86	48.88	46.78	51.99	49.3	47.55
Payable days	40.09	46.41	59.38	69.58	76.38	74.8	78.02	83.94	104.77	129.8	121.02
PER(x)	16.71	2.67	5.84	10.26	10.02	14.83	25.53	18.03	13.77	14.62	52.94
Price/Book(x)	0.46	0.42	1.55	1.95	2.13	2.22	2.33	1.64	1.09	1.9	1.15
Dividend Yield(%)	1.13	4.27	2.27	1.24	1.06	0.87	0.77	1.07	1.52	1.15	0.32
EV/Net Sales(x)	0.34	0.25	0.47	0.68	0.91	1.08	1.09	0.86	0.75	1.01	0.62
EV/Core EBITDA(x)	5.32	2.65	3.77	5.48	6.17	9.14	10.55	8.7	6.8	7.69	8.05
Net Sales Growth(%)	28.13	8.59	9.93	3.57	-4.67	5.16	8.96	11.16	-2.94	12.26	23.05
EBIT Growth(%)	52.82	64.76	62.84	4	12.12	-23.46	-14.98	0.21	-1.76	42.03	-55.89
PAT Growth(%)	-33.74	560.94	125.3	15.93	27.27	-17.19	-36.44	9.8	-7.81	86.05	-89.44
EPS Growth(%)	-31.5	562.74	115	3.95	37.95	-17.46	-34.1	5.98	-8.31	86.83	-83.52
Debt/Equity(x)	1.97	1.34	1.15	0.46	0.32	0.38	0.33	0.54	0.66	0.43	0.64
Current Ratio(x)	0.8	0.79	0.94	1.2	1.21	1.31	0.99	0.94	0.79	0.74	0.72
Quick Ratio(x)	0.46	0.49	0.55	0.78	0.69	0.64	0.56	0.47	0.39	0.36	0.36
Interest Cover(x)	1.12	1.85	3.16	4.31	6.79	5.88	4.32	4.83	2.87	3.5	1.31
Total Debt/Mcap(x)	4.33	3.23	0.74	0.24	0.15	0.17	0.14	0.33	0.61	0.22	0.56

CEAT Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	46.82	46.82	46.82	46.82	46.82	47.11	47.11	47.21	47.21	47.21
FII	23.69	24.5	26.97	24.01	23.42	22.71	22.66	22.45	23.77	24.08
DII	16.17	14.79	13.65	13.65	13.24	12.72	11.68	11.15	11.73	12.92
Public	13.31	13.88	12.56	15.51	16.52	17.46	18.55	19.2	17.29	15.78
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	1.89	1.89	1.89	1.89	1.89	1.91	1.91	1.91	1.91	1.91
FII	0.96	0.99	1.09	0.97	0.95	0.92	0.92	0.91	0.96	0.97
DII	0.65	0.6	0.55	0.55	0.54	0.51	0.47	0.45	0.47	0.52
Public	0.54	0.56	0.51	0.63	0.67	0.71	0.75	0.78	0.7	0.64
Others	0	0	0	0	0	0	0	0	0	0
Total	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05