CEAT Ltd

CEAT Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

CEAT Ltd

₹ 3,011 -3.54%
20 Dec - close price
ceat.com BSE: 500878 NSE: CEATLTD
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]

Website BSE NSE
  • Market Cap ₹ 12,179 Cr.
  • Current Price ₹ 3,011
  • High / Low ₹ 3,581 / 2,210
  • Stock P/E 20.6
  • Book Value ₹ 1,038
  • Dividend Yield 1.00 %
  • ROCE 20.4 %
  • ROE 18.1 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 20.7%

Cons

  • Stock is trading at 2.90 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.

Peer comparison

Sector: Tyres Industry: Tyres

Part of BSE 250 SmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 BSE 400 MidSmallCap Index BSE SmallCap

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
2,452 2,413 2,592 2,818 2,894 2,727 2,875 2,935 3,053 2,963 2,992 3,193 3,305
2,231 2,279 2,404 2,653 2,691 2,490 2,507 2,548 2,597 2,546 2,600 2,810 2,942
Operating Profit 220 134 188 165 203 238 368 387 456 418 392 383 362
OPM % 9% 6% 7% 6% 7% 9% 13% 13% 15% 14% 13% 12% 11%
7 6 -3 2 -14 2 -6 3 10 3 -55 14 3
Interest 50 55 57 52 58 66 67 70 72 66 62 62 66
Depreciation 121 109 110 111 115 117 125 121 124 127 136 132 137
Profit before tax 58 -24 19 4 16 56 170 199 270 228 139 203 162
Tax % 27% -15% 5% 31% 65% 27% 27% 27% 25% 24% 33% 27% 29%
42 -20 25 9 6 35 132 144 208 181 102 154 121
EPS in Rs 10.38 -4.95 6.24 2.29 1.94 8.75 33.05 35.75 51.42 44.87 26.84 38.11 30.13
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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 12,452
4,538 4,790 5,013 4,694 5,096 5,652 6,332 6,052 6,617 8,643 10,341 10,291 10,898
Operating Profit 454 673 692 789 670 630 652 727 993 721 974 1,653 1,554
OPM % 9% 12% 12% 14% 12% 10% 9% 11% 13% 8% 9% 14% 12%
-10 3 16 7 28 9 10 8 10 17 -8 -18 -35
Interest 196 187 142 101 90 104 93 154 179 207 242 269 256
Depreciation 81 87 93 108 143 169 193 277 340 435 469 509 532
Profit before tax 166 403 472 587 466 367 376 304 484 95 254 857 731
Tax % 28% 33% 33% 32% 23% 36% 33% 24% 11% 26% 28% 26%
120 271 314 436 359 233 251 230 432 71 182 635 559
EPS in Rs 35.10 75.44 78.41 108.17 89.28 58.83 62.35 57.17 106.81 17.60 46.02 158.87 139.95
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: 13%
Stock Price CAGR
10 Years: 14%
5 Years: 25%
3 Years: 41%
1 Year: 25%
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 Sep 2024
Equity Capital 34 36 40 40 40 40 40 40 40 40 40 40 40
Reserves 751 993 1,642 2,014 2,374 2,566 2,726 2,867 3,276 3,232 3,399 4,002 4,160
1,038 1,174 775 663 924 872 1,498 2,035 1,533 2,229 2,295 1,792 2,084
1,330 1,338 1,365 1,390 1,578 1,669 2,140 2,423 3,284 3,658 3,891 4,160 4,513
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 10,798
1,573 1,565 1,581 2,032 2,453 2,709 3,180 4,160 4,763 5,329 6,096 6,271 6,563
CWIP 27 82 229 299 326 310 833 1,069 793 876 596 684 698
Investments 1 0 312 195 232 214 181 184 210 179 170 182 176
1,552 1,893 1,700 1,581 1,907 1,914 2,210 1,954 2,367 2,775 2,765 2,858 3,361
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 10,798

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 % 20% 30% 26% 27% 19% 15% 13% 10% 14% 6% 9% 20%

Shareholding Pattern

Numbers in percentages

6 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
47.11% 47.11% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21% 47.21%
22.71% 22.66% 22.45% 23.78% 24.09% 23.30% 26.20% 24.10% 19.99% 20.16% 18.76% 16.65%
12.72% 11.68% 11.15% 11.72% 12.92% 13.60% 12.20% 12.92% 14.29% 15.91% 17.09% 19.75%
17.46% 18.55% 19.20% 17.29% 15.79% 15.90% 14.40% 15.79% 18.50% 16.73% 16.93% 16.39%
No. of Shareholders 1,41,2361,41,7251,33,4301,04,01693,40194,23291,3641,05,8751,16,5091,14,3971,38,3151,43,063

* 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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