CEAT Ltd

CEAT Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

CEAT Ltd

₹ 2,531 0.11%
25 Apr 12:29 p.m.
ceat.com BSE: 500878 NSE : CEATLTD
About

CEAT, established in 1958, is one of the largest tyre manufacturers and one of the fastest-growing tyre companies in India. CEAT became a part of the RPG Group in 1982. It is amongst the Top 25 best workplaces in Manufacturing by GPTW for 2022.[1]

Key Points

Products[1]
Company has 1,900+ SKUs with 170+ new products launched in FY23. The company manufactured 45.07+ Mn tyres in FY23 and has launched India’s first EV range of tyres designed for two and four-wheelers.[2]

Website BSE NSE
  • Market Cap ₹ 10,238 Cr.
  • Current Price ₹ 2,531
  • High / Low ₹ 2,998 / 1,390
  • Stock P/E 15.2
  • Book Value ₹ 904
  • Dividend Yield 0.47 %
  • ROCE 9.96 %
  • ROE 7.10 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 21.2%

Cons

  • Stock is trading at 2.84 times its book value
  • Company has a low return on equity of 7.98% over last 3 years.

* 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.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,212 2,279 1,898 2,432 2,406 2,576 2,803 2,886 2,711 2,863 2,921 3,043 2,949
1,887 2,024 1,732 2,216 2,274 2,391 2,639 2,681 2,474 2,492 2,535 2,586 2,532
Operating Profit 326 255 166 216 132 185 164 206 237 371 386 457 417
OPM % 15% 11% 9% 9% 6% 7% 6% 7% 9% 13% 13% 15% 14%
-2 3 4 2 12 -1 2 7 2 -6 16 4 3
Interest 41 39 45 49 54 56 51 57 65 66 69 71 65
Depreciation 87 90 96 121 109 110 111 115 117 125 121 124 127
Profit before tax 195 129 28 49 -18 18 3 41 57 173 212 266 228
Tax % 35% -10% 28% 27% 17% 28% 27% 27% 26% 24% 25% 25% 23%
128 142 20 36 -15 13 3 30 42 132 159 199 177
EPS in Rs 31.53 35.07 4.93 8.89 -3.68 3.29 0.63 7.39 10.34 32.63 39.42 49.23 43.67
Raw PDF
Upcoming result date: 2 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
4,424 4,827 5,276 5,504 5,451 5,702 6,213 6,831 6,748 7,573 9,313 11,263 11,776
4,177 4,404 4,643 4,855 4,651 5,029 5,571 6,186 6,027 6,588 8,601 10,286 10,145
Operating Profit 247 423 633 649 799 673 642 646 720 985 712 977 1,631
OPM % 6% 9% 12% 12% 15% 12% 10% 9% 11% 13% 8% 9% 14%
25 -6 10 22 35 23 21 6 1 -11 5 5 17
Interest 192 193 184 141 99 87 92 68 152 176 204 239 271
Depreciation 70 78 83 88 107 142 162 174 277 340 435 469 498
Profit before tax 10 146 377 443 628 467 410 410 292 459 77 274 879
Tax % 22% 27% 33% 32% 29% 22% 32% 29% 23% 10% 30% 25%
8 106 254 299 445 363 279 289 225 414 54 206 667
EPS in Rs 2.20 31.06 70.58 73.91 110.06 89.67 68.90 71.42 55.53 102.26 13.43 50.99 164.95
Dividend Payout % 45% 13% 14% 14% 10% 13% 17% 17% 22% 18% 22% 24%
Compounded Sales Growth
10 Years: 9%
5 Years: 13%
3 Years: 19%
TTM: 7%
Compounded Profit Growth
10 Years: 7%
5 Years: -5%
3 Years: -2%
TTM: 547%
Stock Price CAGR
10 Years: 20%
5 Years: 19%
3 Years: 22%
1 Year: 81%
Return on Equity
10 Years: 13%
5 Years: 9%
3 Years: 8%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 34 34 36 40 40 40 40 40 40 40 40 40 40
Reserves 618 709 931 1,558 1,909 2,266 2,506 2,711 2,720 3,124 3,110 3,305 3,617
1,280 1,012 1,149 759 651 775 641 1,261 2,014 1,512 2,203 2,268 2,038
1,090 1,308 1,256 1,278 1,292 1,462 1,581 2,050 2,371 3,231 3,607 3,855 3,969
Total Liabilities 3,023 3,062 3,372 3,636 3,893 4,543 4,769 6,062 7,146 7,907 8,961 9,469 9,665
1,524 1,503 1,474 1,481 1,975 2,409 2,465 2,846 4,160 4,763 5,329 6,096 6,218
CWIP 13 10 30 164 213 49 162 749 1,002 728 808 537 508
Investments 74 45 124 437 224 259 320 313 111 118 126 130 150
1,411 1,505 1,743 1,554 1,480 1,827 1,823 2,153 1,874 2,298 2,698 2,706 2,789
Total Assets 3,023 3,062 3,372 3,636 3,893 4,543 4,769 6,062 7,146 7,907 8,961 9,469 9,665

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
7 557 155 705 718 344 744 533 968 1,351 632 1,215
-128 -64 -98 -259 -412 -419 -420 -1,052 -1,128 -626 -950 -860
106 -454 -32 -177 -340 78 -269 504 126 -728 311 -318
Net Cash Flow -16 39 26 269 -33 3 55 -15 -34 -3 -7 37

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 51 48 50 44 39 38 42 39 36 44 45 42
Inventory Days 63 58 76 68 73 100 72 85 86 96 78 56
Days Payable 70 84 70 67 74 81 81 91 111 158 131 113
Cash Conversion Cycle 44 22 55 45 37 57 33 33 11 -17 -8 -15
Working Capital Days 6 -9 19 9 16 30 3 3 -14 -36 -26 -27
ROCE % 12% 20% 29% 26% 30% 20% 17% 15% 11% 14% 6% 10%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
46.82% 46.82% 47.11% 47.11% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21%
24.01% 23.42% 22.71% 22.66% 22.45% 23.78% 24.09% 23.30% 26.20% 24.10% 19.99% 20.16%
13.66% 13.24% 12.72% 11.68% 11.15% 11.72% 12.92% 13.60% 12.20% 12.92% 14.29% 15.91%
15.51% 16.52% 17.46% 18.55% 19.20% 17.29% 15.79% 15.90% 14.40% 15.79% 18.50% 16.73%
No. of Shareholders 1,14,4551,34,8791,41,2361,41,7251,33,4301,04,01693,40194,23291,3641,05,8751,16,5091,14,397

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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