CEAT Ltd
CEAT, established in 1958, is one of the largest tyre manufacturers and is one of the fastest growing tyre companies in India. For the year 2020, CEAT ranked 35th amongst India’s 100 best companies to work for by the Great Place to Work Institute and was recognised as one of the best companies amongst the auto and auto component industry category.
- Market Cap ₹ 5,548 Cr.
- Current Price ₹ 1,372
- High / Low ₹ 1,421 / 890
- Stock P/E 132
- Book Value ₹ 779
- Dividend Yield 0.22 %
- ROCE 6.13 %
- ROE 2.07 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 20.5%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 10.3% over past five years.
- Company has a low return on equity of 8.57% for last 3 years.
- Promoter holding has decreased over last 3 years: -3.87%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3,459 | 4,424 | 4,827 | 5,276 | 5,504 | 5,451 | 5,702 | 6,213 | 6,831 | 6,748 | 7,573 | 9,313 | 10,218 | |
3,311 | 4,177 | 4,404 | 4,643 | 4,855 | 4,651 | 5,029 | 5,571 | 6,186 | 6,027 | 6,588 | 8,598 | 9,520 | |
Operating Profit | 147 | 247 | 423 | 633 | 649 | 799 | 673 | 642 | 646 | 720 | 985 | 715 | 698 |
OPM % | 4% | 6% | 9% | 12% | 12% | 15% | 12% | 10% | 9% | 11% | 13% | 8% | 7% |
21 | 25 | -6 | 10 | 22 | 35 | 23 | 21 | 6 | 1 | -11 | 5 | 15 | |
Interest | 100 | 192 | 193 | 184 | 141 | 99 | 87 | 92 | 68 | 152 | 176 | 207 | 210 |
Depreciation | 34 | 70 | 78 | 83 | 88 | 107 | 142 | 162 | 174 | 277 | 340 | 435 | 450 |
Profit before tax | 33 | 10 | 146 | 377 | 443 | 628 | 467 | 410 | 410 | 292 | 459 | 77 | 53 |
Tax % | 33% | 22% | 27% | 33% | 32% | 29% | 22% | 32% | 29% | 23% | 10% | 30% | |
Net Profit | 22 | 8 | 106 | 254 | 299 | 445 | 363 | 279 | 289 | 225 | 414 | 54 | 37 |
EPS in Rs | 6.51 | 2.20 | 31.06 | 70.58 | 73.91 | 110.06 | 89.67 | 68.90 | 71.42 | 55.53 | 102.26 | 13.43 | 9.13 |
Dividend Payout % | 31% | 45% | 13% | 14% | 14% | 10% | 13% | 17% | 17% | 22% | 18% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 10% |
3 Years: | 11% |
TTM: | 22% |
Compounded Profit Growth | |
---|---|
10 Years: | 22% |
5 Years: | -29% |
3 Years: | -41% |
TTM: | -91% |
Stock Price CAGR | |
---|---|
10 Years: | 28% |
5 Years: | -4% |
3 Years: | 16% |
1 Year: | 3% |
Return on Equity | |
---|---|
10 Years: | 14% |
5 Years: | 10% |
3 Years: | 9% |
Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
34 | 34 | 34 | 36 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | |
Reserves | 609 | 618 | 709 | 931 | 1,558 | 1,909 | 2,266 | 2,506 | 2,711 | 2,720 | 3,124 | 3,110 |
986 | 1,280 | 1,012 | 1,149 | 759 | 651 | 775 | 641 | 1,261 | 2,014 | 1,512 | 2,203 | |
1,170 | 1,090 | 1,308 | 1,256 | 1,278 | 1,292 | 1,462 | 1,581 | 2,050 | 2,371 | 3,231 | 3,607 | |
Total Liabilities | 2,799 | 3,023 | 3,062 | 3,372 | 3,636 | 3,893 | 4,543 | 4,769 | 6,062 | 7,146 | 7,907 | 8,961 |
1,361 | 1,524 | 1,503 | 1,474 | 1,481 | 1,975 | 2,409 | 2,465 | 2,846 | 4,160 | 4,763 | 5,329 | |
CWIP | 107 | 13 | 10 | 30 | 164 | 213 | 49 | 162 | 749 | 1,002 | 728 | 808 |
Investments | 87 | 74 | 45 | 124 | 437 | 224 | 259 | 320 | 313 | 111 | 118 | 126 |
1,244 | 1,411 | 1,505 | 1,743 | 1,554 | 1,480 | 1,827 | 1,823 | 2,153 | 1,874 | 2,298 | 2,698 | |
Total Assets | 2,799 | 3,023 | 3,062 | 3,372 | 3,636 | 3,893 | 4,543 | 4,769 | 6,062 | 7,146 | 7,907 | 8,961 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
244 | 7 | 557 | 155 | 705 | 718 | 344 | 744 | 533 | 968 | 1,351 | 632 | |
-484 | -128 | -64 | -98 | -259 | -412 | -419 | -420 | -1,052 | -1,128 | -626 | -950 | |
147 | 106 | -454 | -32 | -177 | -340 | 78 | -269 | 504 | 126 | -728 | 311 | |
Net Cash Flow | -92 | -16 | 39 | 26 | 269 | -33 | 3 | 55 | -15 | -34 | -3 | -7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 51 | 51 | 48 | 50 | 44 | 39 | 38 | 42 | 39 | 36 | 44 | 45 |
Inventory Days | 80 | 63 | 58 | 76 | 68 | 73 | 100 | 72 | 85 | 86 | 96 | 78 |
Days Payable | 48 | 44 | 49 | 70 | 67 | 74 | 81 | 81 | 91 | 111 | 158 | 131 |
Cash Conversion Cycle | 83 | 70 | 57 | 55 | 45 | 37 | 57 | 33 | 33 | 11 | -17 | -8 |
Working Capital Days | -4 | 6 | -9 | 19 | 9 | 16 | 30 | 3 | 3 | -14 | -36 | -26 |
ROCE % | 10% | 12% | 20% | 29% | 26% | 30% | 20% | 17% | 15% | 11% | 14% | 6% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 2d
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 11 Aug
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 10 Aug
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
9 Aug - Details of the Analyst/ Institutional Investors meet which will be participated by the Company along with the presentation to be made at the same.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 4 Aug
Annual reports
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Financial Year 2022
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Diversified Revenue Profile
Presently, trucks & buses category contributes majority of revenues at 33%, followed by 2/3 wheelers (30%), Passenger cars (13%), Farm (9%), LCV (8%) & specialty category contributes the rest 7% of revenues. [1]