CEAT Ltd

About [ edit ]

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.

Key Points [ edit ]
  • Market Cap 6,416 Cr.
  • Current Price 1,586
  • High / Low 1,763 / 600
  • Stock P/E 17.0
  • Book Value 753
  • Dividend Yield 0.76 %
  • ROCE 10.5 %
  • ROE 8.82 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 19.93%

Cons

  • The company has delivered a poor sales growth of 3.51% over past five years.
  • Company has a low return on equity of 9.89% for last 3 years.
  • Promoter holding has decreased over last 3 years: -3.94%

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,686 1,722 1,772 1,730 1,760 1,752 1,692 1,762 1,573 1,120 1,978 2,221
1,488 1,546 1,613 1,587 1,598 1,585 1,521 1,579 1,373 1,018 1,686 1,894
Operating Profit 198 176 159 143 162 167 170 183 200 102 292 328
OPM % 12% 10% 9% 8% 9% 10% 10% 10% 13% 9% 15% 15%
Other Income -12 6 7 10 -7 17 8 8 -22 -15 17 3
Interest 24 20 19 22 27 35 37 38 41 49 45 42
Depreciation 45 46 48 48 51 64 67 71 74 79 84 87
Profit before tax 117 116 100 82 78 84 74 83 63 -41 181 202
Tax % 34% 38% 37% 37% 18% 3% 41% 36% 18% 14% -1% 34%
Net Profit 77 72 63 53 64 83 44 53 52 -35 182 132
EPS in Rs 19.06 17.81 15.62 13.05 15.88 20.42 10.87 13.05 12.83 -8.59 44.96 32.67
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,817 3,585 4,593 4,992 5,464 5,705 5,484 5,766 6,282 6,985 6,779 6,893
2,512 3,419 4,319 4,538 4,790 5,013 4,696 5,099 5,663 6,333 6,056 5,971
Operating Profit 305 165 274 454 673 692 788 667 620 651 723 922
OPM % 11% 5% 6% 9% 12% 12% 14% 12% 10% 9% 11% 13%
Other Income 41 15 19 -10 4 16 8 31 20 10 12 -17
Interest 73 102 196 196 187 142 101 90 104 93 154 176
Depreciation 27 36 73 81 87 93 108 143 169 193 277 324
Profit before tax 245 42 24 166 403 472 587 466 367 376 304 405
Tax % 33% 34% 25% 28% 33% 33% 32% 23% 36% 33% 24%
Net Profit 164 27 18 120 271 317 438 361 238 252 231 331
EPS in Rs 47.85 7.76 5.31 35.10 75.44 78.41 108.17 89.28 58.83 62.35 57.17 81.87
Dividend Payout % 8% 26% 19% 11% 13% 13% 11% 13% 20% 19% 21%
Compounded Sales Growth
10 Years:9%
5 Years:4%
3 Years:6%
TTM:-1%
Compounded Profit Growth
10 Years:4%
5 Years:-5%
3 Years:-12%
TTM:36%
Stock Price CAGR
10 Years:32%
5 Years:8%
3 Years:1%
1 Year:62%
Return on Equity
10 Years:15%
5 Years:13%
3 Years:10%
Last Year:9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
35 34 34 34 36 40 40 40 40 40 40 40
Reserves 595 613 640 748 993 1,642 2,014 2,374 2,566 2,726 2,867 3,006
Borrowings 693 1,011 1,311 1,038 1,174 775 663 924 872 1,498 2,035 1,802
839 1,195 1,111 1,334 1,338 1,365 1,390 1,578 1,669 2,140 2,423 2,740
Total Liabilities 2,161 2,853 3,096 3,153 3,540 3,822 4,108 4,917 5,146 6,404 7,366 7,588
801 1,414 1,587 1,573 1,565 1,581 2,032 2,453 2,709 3,180 4,160 4,334
CWIP 234 111 18 27 82 229 299 326 310 833 1,069 1,012
Investments 43 43 31 1 0 312 195 232 214 181 184 200
1,083 1,285 1,461 1,552 1,893 1,700 1,581 1,907 1,914 2,210 1,954 2,042
Total Assets 2,161 2,853 3,096 3,153 3,540 3,822 4,108 4,917 5,146 6,404 7,366 7,588

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
228 249 17 586 197 749 702 335 672 561 956
-264 -488 -140 -53 -142 -253 -433 -543 -412 -1,060 -1,076
-5 127 108 -466 -40 -194 -326 219 -202 484 79
Net Cash Flow -41 -112 -15 67 15 301 -57 10 58 -15 -40

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 10% 12% 21% 30% 27% 27% 19% 15% 13% 11%
Debtor Days 51 51 51 48 50 45 40 39 43 37 36
Inventory Turnover 5.58 6.09 6.25 5.68 5.17 4.92 4.52 4.63 4.92 4.25

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.76 50.76 50.98 50.98 51.08 51.08 50.52 46.68 46.69 46.69 46.82 46.82
22.31 20.22 21.49 21.78 24.75 25.07 24.98 28.36 28.21 27.64 23.69 24.50
11.73 11.69 10.42 10.44 7.52 5.64 7.01 8.04 8.88 9.60 16.17 14.79
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.00
15.18 17.30 17.09 16.78 16.62 18.18 17.47 16.92 16.22 16.07 13.31 13.88

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