CEAT Ltd Share Price – NSE  /  BSE

Tyres, Small Cap

CEAT announced the resignation of Priya Nair (DIN 07119070), Non-executive Independent Director on the Board of the Company with effect from 01 April 2024.

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The Board of CEAT at its meeting held on 14 March 2024 has approved the appointment of Milind Sarwate, (DIN: 00109854) as an Additional Director in the capacity of Non-Executive, Independent Director of the Company for a period of five years w.e.f. 14 March 2024. The Board also approved the appointment of Sukanya Kripalu, (DIN: 06994202) as an Additional Director in the capacity of Non-Executive, Independent Director of the Company for a period of five years w.e.f. 14 March 2024.

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CEAT has been selected as an official partner by Board of Control for Cricket in India (BCCI) to sponsor certain segments of the IPL matches, with an aggregate spend of about Rs 240 crore over five years

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Revenue from operations increased 8.65%YoY to Rs 2963.14 crore in Q3 FY24, healthy volume growth across replacement and OEM segments. Exports also continue to recover

Profit before tax surged to Rs 227.55 crore in Q3 FY24 from Rs 56.01 crore in Q3 FY23.

During the quarter, EBITDA was at Rs 425.7 crore as compared with Rs 231.4 crore in Q3 FY23. EBITDA margin expanded by 588 bps to 14.4% in Q3 FY24 as against 8.5% in Q3 FY23.

In Q3 FY24, capex was approximately Rs 215 crore.

Meanwhile the company’s board has approved capital expenditure proposals to the tune of Rs 572 crore covering upstream capacity addition / cost overrun / debottlenecking / rooftop solar at the existing plants. The proposed amount would be spent over the next 3 years and is proposed to be funded through a mix of debt and internal accruals.

Commenting on the results as well as the outlook of the business, Arnab Banerjee, MD & CEO, CEAT said, “Replacement and International business reflected strong growth on YoY basis. While margins for the quarter were healthy, we witnessed a marginal drop primarily on account of increase in input cost. With stronger growth in premium segments in domestic market and recovery in international markets, we expect a stronger growth in the forthcoming quarters.”

CEAT, the flagship company of RPG Enterprises, is one of India's leading tyre manufacturers and has a strong presence in global markets. CEAT produces more than 41 million high-performance tyres, catering to various segments like 2-3 wheelers, passenger and utility vehicles, commercial vehicles and off-highway vehicles.

The scrip declined 2.09% to Rs 2815.95 on the BSE.

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