Ceat Q3 Results Review - Positive Things Priced In: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Ceat Ltd.'s Q3 FY24 Ebitda margin at 14.1% was down ~90 basis points QoQ (versus consensus 13.8%) due to ~200 bps lower gross margin. The contraction in gross margin was due to raw material cost increase (plus 2.5% QoQ) and price cuts in international markets. Ceat expects slower original equipment manufacturer growth in FY25 due to high base effect but better growth in replacement and exports.It aims to double exports revenue in next three years to 25% (versus 18% currently). We raise our FY24E/FY25E earning per share by ~10%/20% to account for margin improvement, driven by visibility of benign raw material cost benefits percolating into FY25.Maintain 'Sell' with a revised discounted cash flow -based target price of Rs 2,047 (from Rs 1,616), implying ~15 times FY26E earnings..Click on the attachment to read the full report:.Zee Vs Sony: Can One Party Compel Another To Proceed With A Merger?.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Ceat Q3 Results Review - Positive Things Priced In: ICICI Securities

Ceat aims to double exports revenue in three years

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