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Buy CEAT Ltd For Target Rs. 3,450 By Motilal Oswal Financial Services Ltd Operating margins impacted by higher RM costs Replacement and exports to drive growth, input cost to moderate in H2 * Ceat Ltd (CEAT)’s 2QFY25 performance was impacted by higher RM costs, leading to a 100bp contraction in operating margins QoQ, which stood at 11% (est. 11.5%). The outlook for replacement segment across categories and exports remains healthy, with a recovery expected in the OEM segment in H2. * CEAT’s focus on strategic areas such as PVs/2Ws/OHT/exports (to h...
Buy CEAT Ltd For Target Rs. 3,450 By Motilal Oswal Financial Services Ltd
Buy CEAT Ltd For Target Rs. 3,450 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-10-31 05:37:23 pm
CEAT surges despite reporting 43% fall in Q2 consolidated net profit Ceat is currently trading at Rs. 2973.35, up by 84.05 points or 2.91% from its previous closing of Rs. 2889.30 on the BSE. The scrip opened at Rs. 2800.00 and has touched a high and low of Rs. 3010.00 and Rs. 2724.10 respectively. So far 14917 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3262.20 on 27-Sep-2024 and a 52 week low of Rs. 2060.00 on 23-Oct-2023. Last one week high and low of the scrip stood at R...
CEAT surges despite reporting 43% fall in Q2 consolidated net profit
CEAT surges despite reporting 43% fall in Q2 consolidated net profit
Source: Accord Fintech
2024-10-18 03:29:21 pm
Buy CEAT Ltd For Target Rs.675 By Emkay Global Financial Services Emerging 'consumer' leader; best-placed to resist RM volatility We initiate coverage on CEAT with BUY and TP of Rs3,650 (17x Sep-26E PER; likely upside: 31%). Despite street concerns about margin volatility due to spike in RM prices, our analysis points to gradual de-linking of tyre industry profitability from the underlying RM (gross margin 4-5% higher now than the corresponding RM level 2Y ago). Backed by best-in-class R&D, industry-leading marketing spends, and OEM relations...
Buy CEAT Ltd For Target Rs.675 By Emkay Global Financial Services
Buy CEAT Ltd For Target Rs.675 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2024-09-23 11:13:34 am
Neutral CEAT Ltd For Target Rs.2,851 By Yes Securities Intend more price hikes to cover RM inflation View and Valuation – Volume growth and price hikes going hand in hand CEAT 1QFY25 were mixed bag as revenues/Adj.PAT were in-line while EBITDA margins were below estimates at 12% (est 12.8%, -120bp YoY/ -110bp QoQ) led by RM basket inflation of ~5% in QoQ and higher marketing spends. Overall result disappointed despite healthy volume growth (double digit) in the replacement and exports segments. With the recent volatility in NR prices (wh...
Neutral CEAT Ltd For Target Rs.2,851 By Yes Securities
Neutral CEAT Ltd For Target Rs.2,851 By Yes Securities
Source: Yes Securities Ltd
2024-08-09 12:51:23 pm
Ceat declines despite reporting 7% rise in Q1 consolidated net profit Ceat is currently trading at Rs. 2684.80, down by 84.05 points or 3.04% from its previous closing of Rs. 2768.85 on the BSE. The scrip opened at Rs. 2800.00 and has touched a high and low of Rs. 2810.90 and Rs. 2678.60 respectively. So far 10979 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2997.25 on 20-Jan-2024 and a 52 week low of Rs. 2055.05 on 09-Oct-2023. Last one week high and low of the scrip stood at...
Ceat declines despite reporting 7% rise in Q1 consolidated net profit
Ceat declines despite reporting 7% rise in Q1 consolidated net profit
Source: Accord Fintech
2024-07-19 11:49:09 am
CEAT Ltd clocks 7 pc rise in Q1 net profit at Rs 154 crore Tyre manufacturer CEAT Ltd on Thursday reported a consolidated net profit to Rs 154.2 crore for the April-June quarter of 2024-25  which represents a 7 per cent increase over the corresponding figure of Rs 144.01 crore for the previous year, according to a company statement.   On a consolidated basis, the RPG group company’s revenue closed at Rs. 3,192.8crore, EBITDA margin stood at 12.2 per cent, a contraction of 124 bps vs Q4 FY23-24.   The company said it incurre...
CEAT Ltd clocks 7 pc rise in Q1 net profit at Rs 154 crore
CEAT Ltd clocks 7 pc rise in Q1 net profit at Rs 154 crore
Source: IANS
2024-07-19 09:16:00 am
Buy Ceat Ltd For Target Rs. 3,200By JM Financial Services Key takeaways from Investor Day 2024 We recently attended CEAT’s Investor Day to understand company’s medium-term growth strategy. Over the next 2 years, the company aims to gain leadership position in PV replacement segment (currently it is No.3 player with 16% mkt. share) and targets c.400bps market share expansion in T&B replacement market. Medium-term focus is on growing OHT/ exports and entering new export markets (incl. US). Near-term demand remains strong led by heal...
Buy Ceat Ltd For Target Rs. 3,200By JM Financial Services
Buy Ceat Ltd For Target Rs. 3,200By JM Financial Services
Source: JM Financial Services
2024-07-08 05:36:49 pm
Buy CEAT Ltd For Target Rs. 2,930 By Motilal Oswal Financial Services Strengthening position in domestic replacement; expanding into export markets Prudent bite-sized capex plans to help sustain double-digit ROCE At its analyst meet, CEAT management highlighted its focus on: i) strengthening its brand presence in the domestic replacement segment, ii) expanding into export markets, particularly in the US, EU, and LatAM, and iii) reaffirming its cautious approach to capex, which should help CEAT sustain its double-digit ROCE. The company aims to achieve m...
Buy CEAT Ltd For Target Rs. 2,930 By Motilal Oswal Financial Services
Buy CEAT Ltd For Target Rs. 2,930 By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services
2024-07-04 12:28:37 pm
CEAT rises on getting nod to invest in Cleanwin Energy Five LLP CEAT is currently trading at Rs. 2552.00, up by 11.15 points or 0.44% from its previous closing of Rs. 2540.85 on the BSE. The scrip opened at Rs. 2560.00 and has touched a high and low of Rs. 2566.00 and Rs. 2545.20 respectively. So far 1742 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2997.25 on 20-Jan-2024 and a 52 week low of Rs. 1992.50 on 23-Jun-2023. Last one week high and low of the scrip stood at Rs...
CEAT rises on getting nod to invest in Cleanwin Energy Five LLP
CEAT rises on getting nod to invest in Cleanwin Energy Five LLP
Source: Accord Fintech
2024-06-18 11:04:43 am
Add CEAT Ltd For Target Rs. 2,982 - Yes Securities View - Increased focus on digital initiatives over past 2-3 years   We interacted with the management of CEAT alongside our visit to its Tamil Nadu (TV) plant. While TN plant contributes <10% of revenues, the purpose of the visit to dwell more into digital and automation aiding cost controls and manufacturing efficiencies. Key takeaways from interactions are, 1) Revenue growth expected to be single digits in FY25 supported by growth across the OEM, replacement, and exports. 2) CEAT...
Add CEAT Ltd For Target Rs. 2,982 - Yes Securities
Add CEAT Ltd For Target Rs. 2,982 - Yes Securities
Source: Yes Securities Ltd.
2024-05-28 02:24:06 pm
Reduce CEAT Ltd For Target Rs. 2,632 By Elara Capital Cost pressures loom OEM growth moderates; exports outshine    CEAT’s (CEAT IN) standalone revenue improved 4.1%/1% YoY/QoQ to INR 29.8bn in Q4. This was led by overall volume rise of 5.4% YoY (flat QoQ), with realization per tonne decreasing 1.3% YoY (up 1% QoQ). Replacement volumes grew 5% YoY, OEM volumes saw a moderate drop and export volumes surged 22% YoY. Standalone EBITDA rose 6.5% YoY but was down 5.3% QoQ to INR 3.95bn. EB...
Reduce CEAT Ltd For Target Rs. 2,632 By Elara Capital
Reduce CEAT Ltd For Target Rs. 2,632 By Elara Capital
Source: Elara Capital
2024-05-10 12:23:49 pm
CEAT declines on reporting 23% fall in Q4 consolidated net profit Ceat is currently trading at Rs. 2515.90, down by 104.80 points or 4.00% from its previous closing of Rs. 2620.70 on the BSE. The scrip opened at Rs. 2539.90 and has touched a high and low of Rs. 2571.75 and Rs. 2383.35 respectively. So far 23633 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2997.25 on 20-Jan-2024 and a 52 week low of Rs. 1,629.20 on 03-May-2023. Last one week high and low of the scrip stood ...
CEAT declines on reporting 23% fall in Q4 consolidated net profit
CEAT declines on reporting 23% fall in Q4 consolidated net profit
Source: Accord Fintech
2024-05-03 02:45:21 pm
Neutral CEAT Ltd For Target Rs.2,982 By Yes Securities View and Valuation – Launching new SKUs for export ramp-up CEAT 3QFY24 results missed our estimates as ~200bp QoQ contraction in consol gross margins at 41.3% (est 42.8%) surprised negatively. This was led by ~2.5% increase in blended RM basket QoQ, price correction in exports (to be competitive) and unfavorable product mix. On S/A basis, volumes/ASPs fell ~1.7%/-1.4% QoQ. Within sub segments, export/replacement volumes were flattish/+single digit QoQ while OEMs volume degrew. With t...
Neutral CEAT Ltd For Target Rs.2,982 By Yes Securities
Neutral CEAT Ltd For Target Rs.2,982 By Yes Securities
Source: Yes Securities Ltd.
2024-04-13 09:39:32 am
Buy CEAT Ltd For Target Rs.3250 By Motilal Oswal Financial Services Replacement and exports demand should continue to drive growth   -      CEAT’s 3QFY24 results were in line on an absolute basis, while EBITDA margin came in at 14.1% (est. 14.6%). It declined 80bp QoQ due to a slight increase in RM cost. While commodity prices have already bottomed out, volume growth and better product mix will keep EBITDA margin range bound.     -     &nb...
Buy CEAT Ltd For Target Rs.3250 By Motilal Oswal Financial Services
Buy CEAT Ltd For Target Rs.3250 By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2024-04-13 08:50:04 am
Buy CEAT Ltd For Target Rs.3,290 - Motilal Oswal Financial Services Ltd Growth to be driven by digitization/advanced manufacturing * About the Chennai plant: The plant spans 160 acres with 25% of its area covered by greenery and operates in three shifts. Primarily, the plant produces PCR tyres for 17 different platforms (e.g., long-lasting tyres, performance tyres) with a production capacity of 20k tyres/day (potentially increasing to 28-28.5k tyres/day). It would also start manufacturing TBR tyres from 2QFY25, initially producing 1,500tyres/day, with plans...
Buy CEAT Ltd For Target Rs.3,290 - Motilal Oswal Financial Services Ltd
Buy CEAT Ltd For Target Rs.3,290 - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-03-05 03:40:12 pm
Reduce CEAT Ltd For Target Rs. 2,850 - Elara Capital Margin peaked out Exports and replacement growth offset by OEM deceleration    CEAT’s (CEAT IN) standalone revenue improved 8.8% YoY but dipped 3% QoQ to INR 29.5bn in Q3FY23. This was led by overall volume rise of 12.5% YoY and dip of 1.7% QoQ, with realization per tonne decreasing 3.3% YoY and 1.4% QoQ. Replacement volumes grew 11% YoY, OEM volumes 9% YoY and export volumes 25% YoY. Standalone EBITDA surged...
Reduce CEAT Ltd For Target Rs. 2,850 - Elara Capital
Reduce CEAT Ltd For Target Rs. 2,850 - Elara Capital
Source: Elara Capital
2024-02-18 09:53:33 am
India`s MRF Q3 profit jumps three-fold on uptick in two-wheeler sales Indian tyre maker MRF reported a three-fold rise in third-quarter profit on Friday, helped by an uptick in two-wheeler sales. MRF, the country's top tyre maker and the most expensive stock, said its profit from continuing operations for the three months ended Dec. 31 rose to 5.08 billion rupees (around $61 mln) from 1.69 billion rupees. The results are largely in line with those of other tyre makers, who reported profits that grew between 70% and 400%. Analysts said MRF, unlike f...
India`s MRF Q3 profit jumps three-fold on uptick in two-wheeler sales
India`s MRF Q3 profit jumps three-fold on uptick in two-wheeler sales
Source: IANS
2024-02-09 01:33:07 pm
India`s JK Tyre Q3 profit rises on lower costs India's JK Tyre and Industries on Tuesday reported a more than three-fold rise in third-quarter profit, boosted by lower raw material costs. Consolidated net profit rose to 2.21 billion rupees ($26.6 million) for the quarter ended Dec. 31 from 655.9 million rupees a year earlier. This is the fifth straight rise in quarterly profit for the company, which counts Tata Motors and Maruti Suzuki India as its customers. Revenue from operations rose 2.1% to 36.88 billion rupees. For f...
India`s JK Tyre Q3 profit rises on lower costs
India`s JK Tyre Q3 profit rises on lower costs
Source: Reuters
2024-02-06 03:45:38 pm
Indian tyremaker MRF posts quarterly profit in line with estimates  India's MRF reported quarterly profit broadly in line with expectations on Friday, as the tyremaker benefited from softer raw material prices and steady demand for commercial vehicles. Standalone profit from continuous operations jumped over fourfold to 5.72 billion rupees ($68.71 million) for the quarter ended Sept. 30, while analysts, on average, expected a profit of 5.71 billion rupees, according to LSEG data. Steady demand for replacement tyres, and for commercial and pass...
Indian tyremaker MRF posts quarterly profit in line with estimates
Indian tyremaker MRF posts quarterly profit in line with estimates
Source: Reuters
2023-11-03 02:19:20 pm
Neutral CEAT Ltd For Target Rs. 2,344 - Yes Securities Ltd View and Valuation ? Working towards maintaining favorable mix CEAT 2QFY24 results were better than estimates as consol gross margins expansion of 230bp QoQ at 43.3% (est 41.4%) surprised positively. This was led by ~1-1.2% decline in blended RM basket QoQ and ~120bp due to favorable mix. On S/A basis, volumes/ASPs grew ~3.4%/0.5% QoQ, within sub segments, export/replacement volumes were flattish QoQ while OEMs volume grew double digit. With the recent increase in crude prices, the mana...
Neutral CEAT Ltd For Target Rs. 2,344 - Yes Securities Ltd
Neutral CEAT Ltd For Target Rs. 2,344 - Yes Securities Ltd
Source: Yes Securities Ltd
2023-10-18 03:51:38 pm
Buy CEAT Ltd For Target Rs. 2,950 - Motilal Oswal Financial Services Strong beat led by lower RM costs and product mix EBITDA margin peaked out; uptick in commodity prices to impact profitability* CEAT?s 2QFY24 results surprised positively with a strong EBITDA beat at INR4.6b (vs. est. INR4.2b). This can be attributed to a 2.5-3% QoQ decline in RM prices and a favorable product mix. We believe the EBITDA margin of 14.9% achieved during the quarter (up 170bp QoQ) has reached its peak. The recent uptick in commodity prices is expected to impact profitabili...
Buy CEAT Ltd For Target Rs. 2,950 - Motilal Oswal Financial Services
Buy CEAT Ltd For Target Rs. 2,950 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2023-10-18 03:40:51 pm
Ceat zooms on reporting many fold jump in Q2 consolidated net profit Ceat is currently trading at Rs. 2208.45, up by 107.15 points or 5.10% from its previous closing of Rs. 2101.30 on the BSE.The scrip opened at Rs. 2311.60 and has touched a high and low of Rs. 2333.90 and Rs. 2208.45 respectively. So far 122393 shares were traded on the counter.The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2640.00 on 10-Jul-2023 and a 52 week low of Rs. 1357.60 on 20-Mar-2023.Last one week high and low of the scrip stood at Rs. 2333.90 and Rs....
Ceat zooms on reporting many fold jump in Q2 consolidated net profit
Ceat zooms on reporting many fold jump in Q2 consolidated net profit
Source: Accord Fintech
2023-10-17 12:40:10 pm