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.
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. #
- 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%
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 |
Documents
Add documentRecent announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 4 Mar
- Intimation Of Change Of Registered Address Of The Registrar And Share Transfer Agent (RTA) 24 Feb
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 24 Feb
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Feb
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Feb
View all
Annual reports
- Financial Year 2020 from bse
- Financial Year 2019 from bse
- Financial Year 2018 from bse
- Financial Year 2017 from bse
- Financial Year 2016 from bse
- Financial Year 2015 from bse
- Financial Year 2014 from bse
- Financial Year 2013 from bse
- Financial Year 2012 from bse
- Financial Year 2012 from nse
- Financial Year 2011 from bse
- Financial Year 2010 from bse
- Financial Year 2010 from nse