CEAT Ltd

₹ 937 0.87%
01 Jul - close price
About

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

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. [1]

  • Market Cap 3,791 Cr.
  • Current Price 937
  • High / Low 1,478 / 890
  • Stock P/E 44.5
  • Book Value 809
  • Dividend Yield 0.32 %
  • ROCE 6.35 %
  • ROE 2.59 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.16 times its book value
  • Company has been maintaining a healthy dividend payout of 18.30%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.18% over past five years.
  • Company has a low return on equity of 8.68% for last 3 years.
  • Promoter holding has decreased over last 3 years: -3.97%

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
1,752 1,692 1,762 1,573 1,120 1,978 2,221 2,290 1,906 2,452 2,413 2,592
1,585 1,521 1,579 1,373 1,018 1,686 1,894 2,029 1,740 2,231 2,279 2,404
Operating Profit 167 170 183 200 102 292 328 261 166 220 134 188
OPM % 10% 10% 10% 13% 9% 15% 15% 11% 9% 9% 6% 7%
17 8 8 -22 -15 17 3 11 11 7 6 5
Interest 35 37 38 41 49 45 42 40 46 50 55 57
Depreciation 64 67 71 74 79 84 87 90 96 121 109 110
Profit before tax 84 74 83 63 -41 181 202 142 35 58 -24 26
Tax % 3% 41% 36% 18% 14% -1% 34% -8% 33% 27% 15% 4%
Net Profit 83 44 53 52 -35 182 132 153 24 42 -20 25
EPS in Rs 20.42 10.87 13.05 12.83 -8.59 44.96 32.67 37.77 5.93 10.38 -4.95 6.24

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3,585 4,593 4,992 5,464 5,705 5,484 5,766 6,282 6,985 6,779 7,610 9,363
3,419 4,319 4,538 4,790 5,013 4,694 5,096 5,652 6,332 6,052 6,617 8,640
Operating Profit 165 274 454 673 692 789 670 630 652 727 993 724
OPM % 5% 6% 9% 12% 12% 14% 12% 10% 9% 11% 13% 8%
15 19 -10 3 16 7 28 9 10 8 10 17
Interest 102 196 196 187 142 101 90 104 93 154 179 210
Depreciation 36 73 81 87 93 108 143 169 193 277 340 435
Profit before tax 42 24 166 403 472 587 466 367 376 304 484 95
Tax % 34% 25% 28% 33% 33% 32% 23% 36% 33% 24% 11% 26%
Net Profit 27 18 120 271 317 438 361 238 252 231 432 71
EPS in Rs 7.76 5.31 35.10 75.44 78.41 108.17 89.28 58.83 62.35 57.17 106.81 17.60
Dividend Payout % 26% 19% 11% 13% 13% 11% 13% 20% 19% 21% 17% 17%
Compounded Sales Growth
10 Years: 7%
5 Years: 10%
3 Years: 10%
TTM: 23%
Compounded Profit Growth
10 Years: 15%
5 Years: -26%
3 Years: -33%
TTM: -82%
Stock Price CAGR
10 Years: 25%
5 Years: -13%
3 Years: 0%
1 Year: -31%
Return on Equity
10 Years: 13%
5 Years: 9%
3 Years: 9%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
34 34 34 36 40 40 40 40 40 40 40 40
Reserves 613 640 748 993 1,642 2,014 2,374 2,566 2,726 2,867 3,276 3,232
1,011 1,311 1,038 1,174 775 663 924 872 1,498 2,035 1,533 2,229
1,195 1,111 1,334 1,338 1,365 1,390 1,578 1,669 2,140 2,423 3,284 3,658
Total Liabilities 2,853 3,096 3,153 3,540 3,822 4,108 4,917 5,146 6,404 7,366 8,133 9,160
1,414 1,587 1,573 1,565 1,581 2,032 2,453 2,709 3,180 4,160 4,763 5,329
CWIP 111 18 27 82 229 299 326 310 833 1,069 793 876
Investments 43 31 1 0 312 195 232 214 181 184 210 179
1,285 1,461 1,552 1,893 1,700 1,581 1,907 1,914 2,210 1,954 2,367 2,775
Total Assets 2,853 3,096 3,153 3,540 3,822 4,108 4,917 5,146 6,404 7,366 8,133 9,160

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
249 17 586 197 749 702 335 672 561 956 1,358 619
-488 -140 -53 -142 -253 -433 -543 -412 -1,060 -1,076 -618 -944
127 108 -466 -40 -194 -326 219 -202 484 79 -731 313
Net Cash Flow -112 -15 67 15 301 -57 10 58 -15 -40 9 -12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 51 51 48 50 45 40 39 43 37 36 44 45
Inventory Days 80 64 59 77 70 76 101 75 88 88 97 79
Days Payable 47 44 49 71 68 75 81 83 92 111 157 131
Cash Conversion Cycle 84 71 58 57 47 40 59 35 33 12 -16 -6
Working Capital Days -3 8 8 21 10 13 25 3 1 -12 -35 -25
ROCE % 10% 12% 21% 30% 27% 27% 19% 15% 13% 11% 14% 6%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
51.08 50.52 46.68 46.69 46.69 46.82 46.82 46.82 46.82 46.82 47.11 47.11
25.07 24.98 28.36 28.21 27.64 23.69 24.50 26.97 24.01 23.42 22.71 22.66
5.64 7.01 8.04 8.88 9.60 16.17 14.79 13.65 13.66 13.24 12.72 11.68
0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
18.18 17.47 16.92 16.22 16.07 13.31 13.88 12.56 15.51 16.52 17.46 18.55

Documents

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