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Motilal Oswal Report
Ceat Ltd.'s Q4 FY24 results disappointed despite healthy volume growth in the replacement and exports segments. Margins were hit by higher ad spending and extended producer responsibility-related provisions.
Management has provided high single-digit volume growth guidance for FY25.
We cut our FY25E/FY26E earnings per share by 14%/8% to factor in higher raw material and EPR costs.
We reiterate our Buy rating on the stock with a target price of Rs 2,930 (based on ~15 times March 26E earnings per share).
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