Ceat Ltd. share price declined to the lowest level in nearly three months as the company's net profit halved during October–December period. Its consolidated net profit declined 46.5% on the year to Rs 97 crore from 181 crore, the company said in the exchange filing Thursday.
Higher interest and tax outflows weighed on the net profit, according to Motilal Oswal Financial Services Ltd. Its gross margin contracted 460 basis points on the year, as raw material costs soared during the previous. As a result, Ebitda fell 18% on the year to Rs 341 crore.
However, Ceat noticed a revenue growth because of replacement demand and exports, Motilal Oswal Financial Services said.
Ceat Q3 FY25 Result Highlights (Consolidated YoY)
Revenue up 11.4% to Rs 3,300 crore versus Rs 2,963 crore.
Ebitda down 18.3% to Rs 341 crore versus Rs 417 crore.
Ebitda margin at 10.3% versus 14.1%.
Net profit down 46.5% to Rs 97 crore versus Rs 181 crore.
Ceat Share Price
Ceat share price declined 7.57% to Rs 2,825.00 apiece, the lowest price since Nov. 22. It was 1.23% down at Rs 3,019.00 as of 1:29 p.m., as compared to 0.47% advance in NSE Nifty 50.
The stock gained 17.50% in 12 months. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 38.57.
Out of 23 analysts tracking the company, 15 maintain a 'buy' rating, three recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 18.9%.
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