CEAT Ltd
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]
- Market Cap ₹ 10,253 Cr.
- Current Price ₹ 2,535
- High / Low ₹ 2,998 / 1,403
- Stock P/E 15.3
- Book Value ₹ 926
- Dividend Yield 0.47 %
- ROCE 9.38 %
- ROE 6.14 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 20.0%
Cons
- Stock is trading at 2.72 times its book value
- Company has a low return on equity of 7.78% 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4,593 | 4,992 | 5,464 | 5,705 | 5,484 | 5,766 | 6,282 | 6,985 | 6,779 | 7,610 | 9,363 | 11,315 | 11,826 | |
4,319 | 4,538 | 4,790 | 5,013 | 4,694 | 5,096 | 5,652 | 6,332 | 6,052 | 6,617 | 8,643 | 10,341 | 10,198 | |
Operating Profit | 274 | 454 | 673 | 692 | 789 | 670 | 630 | 652 | 727 | 993 | 721 | 974 | 1,629 |
OPM % | 6% | 9% | 12% | 12% | 14% | 12% | 10% | 9% | 11% | 13% | 8% | 9% | 14% |
19 | -10 | 3 | 16 | 7 | 28 | 9 | 10 | 8 | 10 | 17 | -8 | 10 | |
Interest | 196 | 196 | 187 | 142 | 101 | 90 | 104 | 93 | 154 | 179 | 207 | 242 | 274 |
Depreciation | 73 | 81 | 87 | 93 | 108 | 143 | 169 | 193 | 277 | 340 | 435 | 469 | 498 |
Profit before tax | 24 | 166 | 403 | 472 | 587 | 466 | 367 | 376 | 304 | 484 | 95 | 254 | 867 |
Tax % | 25% | 28% | 33% | 33% | 32% | 23% | 36% | 33% | 24% | 11% | 26% | 28% | |
18 | 120 | 271 | 314 | 436 | 359 | 233 | 251 | 230 | 432 | 71 | 182 | 665 | |
EPS in Rs | 5.31 | 35.10 | 75.44 | 78.41 | 108.17 | 89.28 | 58.83 | 62.35 | 57.17 | 106.81 | 17.60 | 46.02 | 165.09 |
Dividend Payout % | 19% | 11% | 13% | 13% | 11% | 13% | 20% | 19% | 21% | 17% | 17% | 26% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 12% |
3 Years: | 19% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | 4% |
5 Years: | -4% |
3 Years: | -6% |
TTM: | 651% |
Stock Price CAGR | |
---|---|
10 Years: | 20% |
5 Years: | 19% |
3 Years: | 22% |
1 Year: | 81% |
Return on Equity | |
---|---|
10 Years: | 12% |
5 Years: | 8% |
3 Years: | 8% |
Last Year: | 6% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 640 | 748 | 993 | 1,642 | 2,014 | 2,374 | 2,566 | 2,726 | 2,867 | 3,276 | 3,232 | 3,399 | 3,705 |
Preference Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
1,311 | 1,038 | 1,174 | 775 | 663 | 924 | 872 | 1,498 | 2,035 | 1,533 | 2,229 | 2,295 | 2,062 | |
1,111 | 1,334 | 1,338 | 1,365 | 1,390 | 1,578 | 1,669 | 2,140 | 2,423 | 3,284 | 3,658 | 3,891 | 4,007 | |
Total Liabilities | 3,096 | 3,153 | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,815 |
1,587 | 1,573 | 1,565 | 1,581 | 2,032 | 2,453 | 2,709 | 3,180 | 4,160 | 4,763 | 5,329 | 6,096 | 6,243 | |
CWIP | 18 | 27 | 82 | 229 | 299 | 326 | 310 | 833 | 1,069 | 793 | 876 | 596 | 565 |
Investments | 31 | 1 | 0 | 312 | 195 | 232 | 214 | 181 | 184 | 210 | 179 | 170 | 156 |
1,461 | 1,552 | 1,893 | 1,700 | 1,581 | 1,907 | 1,914 | 2,210 | 1,954 | 2,367 | 2,775 | 2,765 | 2,850 | |
Total Assets | 3,096 | 3,153 | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,815 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
17 | 586 | 197 | 749 | 702 | 335 | 672 | 561 | 956 | 1,358 | 619 | 1,205 | |
-140 | -53 | -142 | -253 | -433 | -543 | -412 | -1,060 | -1,076 | -618 | -944 | -849 | |
108 | -466 | -40 | -194 | -326 | 219 | -202 | 484 | 79 | -731 | 313 | -320 | |
Net Cash Flow | -15 | 67 | 15 | 301 | -57 | 10 | 58 | -15 | -40 | 9 | -12 | 37 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 45 | 40 | 39 | 43 | 37 | 36 | 44 | 45 | 42 |
Inventory Days | 64 | 59 | 77 | 70 | 76 | 101 | 75 | 88 | 88 | 97 | 79 | 56 |
Days Payable | 69 | 83 | 71 | 68 | 75 | 81 | 83 | 92 | 111 | 157 | 131 | 112 |
Cash Conversion Cycle | 45 | 25 | 57 | 47 | 40 | 59 | 35 | 33 | 12 | -16 | -6 | -14 |
Working Capital Days | 8 | 8 | 21 | 10 | 13 | 25 | 3 | 1 | -12 | -35 | -25 | -26 |
ROCE % | 12% | 21% | 30% | 26% | 27% | 19% | 15% | 13% | 10% | 14% | 6% | 9% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 3m
- GST Order Issued By The Joint Commissioner Of Central Tax, Bengaluru. 1d
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Email Communication To Shareholders Regarding Dividend Taxation Provisions
2d - Company has informed about Email Communication to Shareholders regarding Tax Deduction at Source on dividend distribution during FY 2024-25
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Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
22 Apr - Company has informed about Resignation of Ms. Vallari Gupte as Company Secretary and Compliance Officer
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
22 Apr - The Results Earnings Call for the Audited Financial Results of the Company for the quarter and year ended March 31, 2024 will be held on …
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2012
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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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Concalls
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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]