Buy CEAT; target of Rs 1550: Hem Securities

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Hem Securities report on CEAT

Ceat Ltd Q1FY22 consolidated revenues came in at ₹1,906.4 Cr, up 70% YoY and down -17% QoQ. EBITDA for Q1FY22 stood at ₹173.2 Cr, up 64% YoY and down -36% QoQ. EBITDA margins for Q1FY22 came at 9.1% as compared to 11.7% in Q4FY21 and 9.4% in Q1FY21. PAT for Q1FY22 stood at ₹23.1 Cr, down -85% QoQ and PAT for Q1FY21 was ₹-35.2 Cr.

Outlook

We initiate a “BUY” rating on the stock and value the stock at 12x FY23E earnings to arrive at the target of ₹1550.

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