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 ₹ 11,978 Cr.
- Current Price ₹ 2,961
- High / Low ₹ 3,263 / 2,060
- Stock P/E 17.6
- Book Value ₹ 999
- Dividend Yield 1.01 %
- ROCE 20.4 %
- ROE 18.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 20.7%
Cons
- Stock is trading at 2.96 times its book value
- Company has a low return on equity of 9.33% 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 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4,992 | 5,464 | 5,705 | 5,484 | 5,766 | 6,282 | 6,985 | 6,779 | 7,610 | 9,363 | 11,315 | 11,943 | 12,201 | |
4,538 | 4,790 | 5,013 | 4,694 | 5,096 | 5,652 | 6,332 | 6,052 | 6,617 | 8,643 | 10,341 | 10,291 | 10,553 | |
Operating Profit | 454 | 673 | 692 | 789 | 670 | 630 | 652 | 727 | 993 | 721 | 974 | 1,653 | 1,648 |
OPM % | 9% | 12% | 12% | 14% | 12% | 10% | 9% | 11% | 13% | 8% | 9% | 14% | 14% |
-10 | 3 | 16 | 7 | 28 | 9 | 10 | 8 | 10 | 17 | -8 | -18 | -28 | |
Interest | 196 | 187 | 142 | 101 | 90 | 104 | 93 | 154 | 179 | 207 | 242 | 269 | 261 |
Depreciation | 81 | 87 | 93 | 108 | 143 | 169 | 193 | 277 | 340 | 435 | 469 | 509 | 520 |
Profit before tax | 166 | 403 | 472 | 587 | 466 | 367 | 376 | 304 | 484 | 95 | 254 | 857 | 839 |
Tax % | 28% | 33% | 33% | 32% | 23% | 36% | 33% | 24% | 11% | 26% | 28% | 26% | |
120 | 271 | 314 | 436 | 359 | 233 | 251 | 230 | 432 | 71 | 182 | 635 | 645 | |
EPS in Rs | 35.10 | 75.44 | 78.41 | 108.17 | 89.28 | 58.83 | 62.35 | 57.17 | 106.81 | 17.60 | 46.02 | 158.87 | 161.24 |
Dividend Payout % | 11% | 13% | 13% | 11% | 13% | 20% | 19% | 21% | 17% | 17% | 26% | 19% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 11% |
3 Years: | 16% |
TTM: | 7% |
Compounded Profit Growth | |
---|---|
10 Years: | 9% |
5 Years: | 19% |
3 Years: | 13% |
TTM: | 101% |
Stock Price CAGR | |
---|---|
10 Years: | 15% |
5 Years: | 26% |
3 Years: | 29% |
1 Year: | 43% |
Return on Equity | |
---|---|
10 Years: | 12% |
5 Years: | 10% |
3 Years: | 9% |
Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 34 | 36 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
Reserves | 748 | 993 | 1,642 | 2,014 | 2,374 | 2,566 | 2,726 | 2,867 | 3,276 | 3,232 | 3,399 | 4,002 |
1,038 | 1,174 | 775 | 663 | 924 | 872 | 1,498 | 2,035 | 1,533 | 2,229 | 2,295 | 1,792 | |
1,333 | 1,338 | 1,365 | 1,390 | 1,578 | 1,669 | 2,140 | 2,423 | 3,284 | 3,658 | 3,891 | 4,160 | |
Total Liabilities | 3,153 | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,994 |
1,573 | 1,565 | 1,581 | 2,032 | 2,453 | 2,709 | 3,180 | 4,160 | 4,763 | 5,329 | 6,096 | 6,271 | |
CWIP | 27 | 82 | 229 | 299 | 326 | 310 | 833 | 1,069 | 793 | 876 | 596 | 684 |
Investments | 1 | 0 | 312 | 195 | 232 | 214 | 181 | 184 | 210 | 179 | 170 | 182 |
1,552 | 1,893 | 1,700 | 1,581 | 1,907 | 1,914 | 2,210 | 1,954 | 2,367 | 2,775 | 2,765 | 2,858 | |
Total Assets | 3,153 | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,994 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
586 | 197 | 749 | 702 | 335 | 672 | 561 | 956 | 1,358 | 619 | 1,205 | 1,719 | |
-53 | -142 | -253 | -433 | -543 | -412 | -1,060 | -1,076 | -618 | -944 | -849 | -854 | |
-466 | -40 | -194 | -326 | 219 | -202 | 484 | 79 | -731 | 313 | -320 | -871 | |
Net Cash Flow | 67 | 15 | 301 | -57 | 10 | 58 | -15 | -40 | 9 | -12 | 37 | -5 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 48 | 50 | 45 | 40 | 39 | 43 | 37 | 36 | 44 | 45 | 42 | 39 |
Inventory Days | 59 | 77 | 70 | 76 | 101 | 75 | 88 | 88 | 97 | 79 | 56 | 61 |
Days Payable | 83 | 71 | 68 | 75 | 81 | 83 | 92 | 111 | 157 | 131 | 112 | 123 |
Cash Conversion Cycle | 25 | 57 | 47 | 40 | 59 | 35 | 33 | 12 | -16 | -6 | -14 | -23 |
Working Capital Days | 8 | 21 | 10 | 13 | 25 | 3 | 1 | -12 | -35 | -25 | -26 | -28 |
ROCE % | 21% | 30% | 26% | 27% | 19% | 15% | 13% | 10% | 14% | 6% | 9% | 20% |
Documents
Announcements
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Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter And Half-Year Ended September 30, 2024
3 Oct - Board meeting to approve Q2 financial results.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
28 Sep - CEAT Limited approves ₹355 Lakhs investment in Tyresnmore.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 27 Sep
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Announcement under Regulation 30 (LODR)-Change in Directorate
25 Sep - Cessation of independent directors effective September 26, 2024.
- Closure of Trading Window 24 Sep
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2019
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Financial Year 2018
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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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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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]