Views on CEAT 4QFY2015 Results: Angel Broking

Views of Mr. Bharat Gianani (Sr. Research Analyst - Automobiles, Angel Broking) on CEAT 4QFY2015 Results:

"Ceat Ltd 4QFY2015 results were in line with our estimates. Revenues grew marginally 2% yoy to INR 1,482 cr as v/s our expectations of INR 1,455 cr. Lackluster volumes coupled with price cuts continued to impact topline. EBIDTA margins at 12.6% improved 160 bp yoy but were a tad lower than our expectations of 13.6%. While the raw material costs dipped yoy, increase in the staff costs and other expenditure restricted margin improvement. EBIDTA came in at INR 187 cr v/s estimate of INR 198 cr. During the quarter, Ceat incurred exceptional one time VRS expenses of INR 6 cr. Adj Net Profit at INR 100 cr was broadly in line with our estimate of INR 97 cr. Currently, we have BUY rating on the stock."

Shares of CEAT LTD. was last trading in BSE at Rs.682.95 as compared to the previous close of Rs. 701.25. The total number of shares traded during the day was 131317 in over 5427 trades.

The stock hit an intraday high of Rs. 696.55 and intraday low of 674.15. The net turnover during the day was Rs. 89923333.

Source : Equity Bulls

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