Buy Ceat Ltd For Target Rs. 3,690 by Motilal Oswal Financial Services Ltd
* Revenue is likely to grow 13% YoY, led by sustained traction in replacement demand and price hikes.
* Expect EBITDA margin to contract 50bp QoQ to 10.5% largely due to an increase in input costs (3%/2% QoQ increase in rubber prices in 2Q/3Q respectively).

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