BQ Blue'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 BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
CEAT Ltd.'s Q3 FY21 stellar performance was driven by strong volume growth and lower than estimated raw material cost inflation.
Strong demand is expected to enable pass-through of raw material cost inflation, help utilize recent capacity additions, drive free cash flow generation, and deleverage the balance sheet.
We upgrade our FY21E/FY22E earning per share by approximately 21%/14% to factor in expected increase in volume growth and price hikes.
We see catalysts in the form of strong demand and robust margin to rollback underperformance in the stock in FY21 year-to-date.
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