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Last Updated : Feb 12, 2019 05:18 PM IST | Source:

Accumulate Ceat; target of Rs 1178: Prabhudas Lilladher

Prabhudas Lilladher recommended accumulate rating on Ceat with a target price of Rs 1178 in its research report dated January 30, 2019.

Broker Research @moneycontrolcom
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Prabhudas Lilladher's research report on Ceat

CEAT's Q3FY19 reported standalone operating margin at 8.3%, down 405bps YoY / 80bps QoQ, was below our expectations of 9.3%. RM costs for the quarter were down 170bp (despite RM/ton up 2% qoq) on account of a finished goods inventory gain of Rs1.84bn. Other expenses for the quarter increased 230bp QoQ (highest ever other expenses in a quarter), owing to higher ad-spends and conversion costs of increase in inventory.


we remain cautious on the stock and maintain Accumulate with a target price of Rs1,178, based on 15x Sep'21E.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

First Published on Feb 12, 2019 05:18 pm
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