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CEAT - Q1 FY22 first cut - YES Securities

Posted On: 2021-07-22 07:10:28 (Time Zone: UTC)

(Rating: NOT RATED)

Operationally in line, higher depreciation and interest cost led PAT miss

- Consol revenues grew 70% YoY/ (-17% QoQ) to Rs19.1b (in line with bloom cons) as subdued OE demand was offset by price hikes and stable replacement sales.

- Gross margins declined 140bp YoY/ 310bp QoQ at 38.9% led by NR inflation.

- Lower gross margins resulted in EBITDA margin decline by 40bp YoY/ 270bp QoQ at 8.7% (bloom cons at 8.5%).

- Higher interest cost at Rs460m (+15.3% QoQ) and depreciation at Rs965m (+7.3% QoQ) led to Adj PAT miss at Rs0.2b (v/s Rs1.5b in Q4FY21 and loss of Rs0.2b in Q1FY21, bloom cons at Rs0.3b).

- Total debt stands at Rs17.8b (vs Rs14.2b in FY21) led by increase in WC debt with D/E at 0.53x (v/s 0.42x).

- CEAT currently trades at 12.7x of FY23 bloom consol EPS.

- View - CEAT 1Q is operationally in line with consensus. We like CEAT as play on healthy replacement/OE outlook. Timely capacity addition and new product launch should help gain market share. Not Rated.

Shares of CEAT LTD. was last trading in BSE at Rs. 1399.2 as compared to the previous close of Rs. 1425.95. The total number of shares traded during the day was 23602 in over 2703 trades.

The stock hit an intraday high of Rs. 1435.8 and intraday low of 1385.1. The net turnover during the day was Rs. 33198012.

Source: Equity Bulls

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