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Motilal Oswal Report
Ceat Ltd.'s revenue grew by ~48% YoY to Rs 28.2 billion, with Ebitda flat at Rs 1.65 billion, and profit after tax declining by 59.5% to Rs 97 million in Q1 FY23.
Volumes grew 30% YoY and 7.5% QoQ. Domestic replacement/original equipment manufacturer volumes grew 8%/16% QoQ, offset by flat QoQ growth in exports.
Ceat's gross margin contracted by 7.2% YoY and 1.8% QoQ to 31.7% (estimate: 32.5%) due to higher raw material cost (~4% QoQ). However, operating leverage restricted the decline in Ebitda margin to 5.9% (down 290 bps YoY, estimate: 5.7%).
Adjusted profit after tax fell 59.5% YoY and 66.5% QoQ to Rs 97 million (versus our loss estimate of Rs 77 million loss).
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