External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>CEAT’s Q2FY25 revenue increased by 8.2% YoY, driven by healthy demand in the replacement and international markets.</li><li>Rise in key input prices led to a steep decline in gross margin by 594bps YoY to 37.4%.</li><li>Higher input costs and rise in staff expenses on account of yearly increments, led to EBITDA margin declining by 398bps YoY to 11%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CEAT’s Q2FY25 revenue increased by 8.2% YoY, driven by healthy demand in the replacement and international markets.Rise in key input prices led to a steep decline in gross margin by 594bps YoY to 37.4%.Higher input costs and rise in staff expenses on account of yearly increments, led to EBITDA margin declining by 398bps YoY to 11%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ceat (Ceat In) - Higher Input Costs Pressurizing Margins

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>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%).</li><li>The outlook for replacement segment across categories and exports remains healthy, with a recovery expected in the OEM segment in H2.</li><li>CEAT’s focus on strategic areas such as PVs/2Ws/OHT/exports (to help margins), along with prudent capex plans (to benefit FCF), should continue to improve its returns in the long run.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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 help margins), along with prudent capex plans (to benefit FCF), should continue to improve its returns in the long run.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ceat - Operating Margins Impacted by Higher RM Costs

<ul><li>Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.</li><li>Margins were hit by higher ad spending and extended producer responsibility (EPR)-related provisions.</li><li>Management has provided high single-digit volume growth guidance for FY25. We cut our FY25E/FY26E EPS by 14%/8% to factor in higher RM and EPR costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.Margins were hit by higher ad spending and extended producer responsibility (EPR)-related provisions.Management has provided high single-digit volume growth guidance for FY25. We cut our FY25E/FY26E EPS by 14%/8% to factor in higher RM and EPR costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ceat -Earnings Below Estimate Due to EPR-Led Provisioning

<ul><li>We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.</li><li>It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.</li><li>Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.</li><li>Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).</li><li>The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

India

Ceat Ltd. manufactures vehicle tires.  The Company produces cross-ply and radial tires for automobiles, construction equipment, scooters and motorcycles. Ceat also manufactures tubes and flaps.  The Company exports its products to many companies around the world.

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Ceat Ltd (CEAT IN)

Ceat (Ceat In) - Higher Input Costs Pressurizing Margins

CEAT’s Q2FY25 revenue increased by 8.2% YoY, driven by healthy demand in the replacement and international markets. Rise in key input prices led to...

Prabhudas Lilladhar

Ceat - Operating Margins Impacted by Higher RM Costs

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%...

Motilal Oswal

Ceat -Earnings Below Estimate Due to EPR-Led Provisioning

Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.

Motilal Oswal

Ceat - Focus on Mix Improvement

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks & buses tyres.

Prabhudas Lilladhar

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and...

Motilal Oswal

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