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Dolat Capital Report
Ceat Ltd.'s operating performance improved in Q4, overall volume increased 4% QoQ (down 1% YoY) led by strong growth in original equipment manufacturers and exports, offset by flattish replacement volume.
Ebitda margin improved 168 basis points QoQ to 7.2% led by price hike and lower promotion expenses, offset by higher raw material inflation.
Ceat's management sounded positive for volume growth in FY23. Expect strong growth in the truck-bus radial, farm and passenger car radial segment.
OEMs demand is expected to see strong uptick in coming months. While two-wheeler demand and margin is weak due to excess capacity (unable to pass raw material inflation) and slowdown in two-wheelers OEMs volume.
Overall raw material cost increased by 3% sequentially on a per kg basis.
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