CEAT Announces Quarterly Results (3QFY21); Net Profit Up 152.1%

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CEAT Announces Quarterly Results (3QFY21); Net Profit Up 152.1%
Wed, 20 Jan

CEAT has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

CEAT Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m17,61819,78522,21312.3%26.1%
Other incomeRs m3638417.4%13.4%
TurnoverRs m17,65319,82222,25312.3%26.1%
ExpensesRs m15,78616,86018,93612.3%20.0%
Gross profitRs m1,8302,9253,1547.8%72.4%
DepreciationRs m7058398734.0%23.8%
InterestRs m380450419-6.9%10.2%
Profit before taxRs m7801,6741,90313.7%143.9%
TaxRs m301-15696131.0%
Profit after taxRs m4791,6891,206-28.6%152.1%
Gross profit margin%10.414.814.2
Effective tax rate%38.6-0.936.6
Net profit margin%2.78.55.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 26.1% on a year-on-year (YoY) basis. The expenses were up by 20.0% YoY during the same period.
  • The company's operating profit increased by 72.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 14.2% in 3QFY21 as against 10.4% in 3QFY20.
  • Depreciation charges increased by 23.8% and finance costs increased by 10.2% YoY, respectively.
  • Other income increased by 13.4% YoY during the quarter.
  • Net profit for the quarter increased by 152.1% YoY. Net profit margins during the quarter increased from 2.7% in 3QFY20 to 5.4% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 12.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 12.3% QoQ during the same period.
  • The company's operating profit increased by 7.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.2% in 3QFY21 as against 14.8% in 2QFY20.
  • Net profit for the quarter declined by 28.6% QoQ, while net profit margins declined from 8.5% in 2QFY20 to 5.4% in 3QFY21.

To see how CEAT has performed over the last eight quarters,please visit here.

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CEAT Share Price Performance

Over the last one year, CEAT share price has moved up from Rs 1,010.4 to Rs 1,322.4, registering a Gain of Rs 312.1 or around 30.9%.

Overall, the S&P BSE SENSEX is up 19.5% over the year.

Current Valuations

At the current price of Rs 1,322.4, the price to earnings (P/E) ratio of CEAT stands at 17.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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