Ceat Ltd 3QFY2016 Results: Angel Broking

Views of Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking) on Ceat Ltd 3QFY2016 Results:

"Ceat Ltd 3QFY2016 results were marginally ahead of estimates. Ceat consolidated revenues, expectedly declined 3% YoY to INR 1,380 cr. Subdued export sales coupled with increasing imports from China in the commercial vehicle segment led to subdued topline for Ceat. Operating margins at 14.6% improved 170 bp YoY and were marginally better than our estimates of 14%. Lower raw material prices (rubber and crude related) led to margin expansion for Ceat. Ceat consolidated EBIDTA at INR 202 cr was slightly better than our estimates of INR 194 cr. Net Profit at INR 113 cr was marginally ahead of our estimates of INR 105 cr. We currently have BUY rating on the stock."

Shares of CEAT LTD. was last trading in BSE at Rs.883 as compared to the previous close of Rs. 899.55. The total number of shares traded during the day was 93333 in over 5567 trades.

The stock hit an intraday high of Rs. 911.05 and intraday low of 855. The net turnover during the day was Rs. 82291713.

Source : Equity Bulls

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