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 20.0
  • Book Value ₹ 1,019
  • Dividend Yield 1.00 %
  • ROCE 20.7 %
  • ROE 18.8 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 21.5%

Cons

  • Stock is trading at 2.96 times its book value
  • Company has a low return on equity of 9.77% 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 Total Market BSE 500 Nifty 500 Multicap 50:25:25 Nifty Smallcap 250

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
2,432 2,406 2,576 2,803 2,886 2,711 2,863 2,921 3,043 2,949 2,979 3,168 3,298
2,216 2,274 2,391 2,639 2,681 2,474 2,492 2,535 2,586 2,532 2,584 2,787 2,932
Operating Profit 216 132 185 164 206 237 371 386 457 417 395 382 366
OPM % 9% 6% 7% 6% 7% 9% 13% 13% 15% 14% 13% 12% 11%
2 12 -1 2 7 2 -6 16 4 3 -40 14 20
Interest 49 54 56 51 57 65 66 69 71 65 61 61 66
Depreciation 121 109 110 111 115 117 125 121 124 127 136 132 137
Profit before tax 49 -18 18 3 41 57 173 212 266 228 159 202 183
Tax % 27% -17% 28% 27% 27% 26% 24% 25% 25% 23% 25% 26% 25%
36 -15 13 3 30 42 132 159 199 177 119 149 137
EPS in Rs 8.89 -3.68 3.29 0.63 7.39 10.34 32.63 39.42 49.23 43.67 29.43 36.89 33.75
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
4,827 5,276 5,504 5,451 5,702 6,213 6,831 6,748 7,573 9,313 11,263 11,893 12,395
4,404 4,643 4,855 4,651 5,029 5,571 6,186 6,027 6,588 8,601 10,286 10,237 10,835
Operating Profit 423 633 649 799 673 642 646 720 985 712 977 1,656 1,560
OPM % 9% 12% 12% 15% 12% 10% 9% 11% 13% 8% 9% 14% 13%
-6 10 22 35 23 21 6 1 -11 5 5 -17 -3
Interest 193 184 141 99 87 92 68 152 176 204 239 266 253
Depreciation 78 83 88 107 142 162 174 277 340 435 469 508 532
Profit before tax 146 377 443 628 467 410 410 292 459 77 274 865 772
Tax % 27% 33% 32% 29% 22% 32% 29% 23% 10% 30% 25% 24%
106 254 299 445 363 279 289 225 414 54 206 654 581
EPS in Rs 31.06 70.58 73.91 110.06 89.67 68.90 71.42 55.53 102.26 13.43 50.99 161.75 143.74
Dividend Payout % 13% 14% 14% 10% 13% 17% 17% 22% 18% 22% 24% 19%
Compounded Sales Growth
10 Years: 8%
5 Years: 12%
3 Years: 16%
TTM: 7%
Compounded Profit Growth
10 Years: 10%
5 Years: 16%
3 Years: 15%
TTM: 13%
Stock Price CAGR
10 Years: 14%
5 Years: 25%
3 Years: 41%
1 Year: 25%
Return on Equity
10 Years: 13%
5 Years: 11%
3 Years: 10%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 712 931 1,558 1,909 2,266 2,506 2,711 2,720 3,124 3,110 3,305 3,911 4,080
1,012 1,149 759 651 775 641 1,261 2,014 1,512 2,203 2,268 1,756 2,084
1,304 1,256 1,278 1,292 1,462 1,581 2,050 2,371 3,231 3,607 3,855 4,122 4,479
Total Liabilities 3,062 3,372 3,636 3,893 4,543 4,769 6,062 7,146 7,907 8,961 9,469 9,828 10,684
1,503 1,474 1,481 1,975 2,409 2,465 2,846 4,160 4,763 5,329 6,096 6,246 6,538
CWIP 10 30 164 213 49 162 749 1,002 728 808 537 684 698
Investments 45 124 437 224 259 320 313 111 118 126 130 156 162
1,505 1,743 1,554 1,480 1,827 1,823 2,153 1,874 2,298 2,698 2,706 2,743 3,286
Total Assets 3,062 3,372 3,636 3,893 4,543 4,769 6,062 7,146 7,907 8,961 9,469 9,828 10,684

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
557 155 705 718 344 744 533 968 1,351 632 1,215 1,724
-64 -98 -259 -412 -419 -420 -1,052 -1,128 -626 -950 -860 -874
-454 -32 -177 -340 78 -269 504 126 -728 311 -318 -868
Net Cash Flow 39 26 269 -33 3 55 -15 -34 -3 -7 37 -18

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 44 39 38 42 39 36 44 45 42 39
Inventory Days 58 76 68 73 100 72 85 86 96 78 56 60
Days Payable 84 70 67 74 81 81 91 111 158 131 113 123
Cash Conversion Cycle 22 55 45 37 57 33 33 11 -17 -8 -15 -24
Working Capital Days -9 19 9 16 30 3 3 -14 -36 -26 -27 -31
ROCE % 20% 29% 26% 30% 20% 17% 15% 11% 14% 6% 10% 21%

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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