CEAT Ltd

CEAT Ltd

₹ 2,895 1.67%
04 Mar 4:01 p.m.
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]

  • Market Cap 11,707 Cr.
  • Current Price 2,895
  • High / Low 2,998 / 1,357
  • Stock P/E 17.4
  • Book Value 926
  • Dividend Yield 0.41 %
  • 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 3.12 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.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
2,221 2,290 1,906 2,452 2,413 2,592 2,818 2,894 2,727 2,875 2,935 3,053 2,963
1,894 2,029 1,740 2,231 2,279 2,404 2,653 2,691 2,490 2,507 2,548 2,597 2,546
Operating Profit 328 261 166 220 134 188 165 203 238 368 387 456 418
OPM % 15% 11% 9% 9% 6% 7% 6% 7% 9% 13% 13% 15% 14%
3 11 11 7 6 -3 2 -14 2 -6 3 10 3
Interest 42 40 46 50 55 57 52 58 66 67 70 72 66
Depreciation 87 90 96 121 109 110 111 115 117 125 121 124 127
Profit before tax 202 142 35 58 -24 19 4 16 56 170 199 270 228
Tax % 34% -8% 33% 27% 15% 5% 31% 65% 27% 27% 27% 25% 24%
132 153 23 42 -20 25 9 6 35 132 144 208 181
EPS in Rs 32.67 37.77 5.93 10.38 -4.95 6.24 2.29 1.94 8.75 33.05 35.75 51.42 44.87
Raw PDF

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: 24%
5 Years: 21%
3 Years: 22%
1 Year: 102%
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%

Shareholding Pattern

Numbers in percentages

4 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
46.82% 46.82% 46.82% 47.11% 47.11% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21%
26.97% 24.01% 23.42% 22.71% 22.66% 22.45% 23.78% 24.09% 23.30% 26.20% 24.10% 19.99%
13.65% 13.66% 13.24% 12.72% 11.68% 11.15% 11.72% 12.92% 13.60% 12.20% 12.92% 14.29%
12.56% 15.51% 16.52% 17.46% 18.55% 19.20% 17.29% 15.79% 15.90% 14.40% 15.79% 18.50%
No. of Shareholders 80,0751,14,4551,34,8791,41,2361,41,7251,33,4301,04,01693,40194,23291,3641,05,8751,16,509

* 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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Documents

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