Motilal Oswal's research report on CEAT
CEAT’s 4QFY22 performance was aided by a recovery in Replacement and Commercial tyre categories. Cost inflation is likely to persist in 1QFY23, with the management raising prices to mitigate the impact, though underrecoveries continue to remain high. We upgrade our FY23 EPS estimate by 17% to account for a recovery in demand and price hikes, while maintaining our FY24 EPS estimate.
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Outlook
We maintain our Buy rating with a TP of INR1,275 per share (based on ~13x Jun’24E EPS).
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