CEAT LTD. Announces Quarterly Results (1QFY21); Net Profit Down 150.3%

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CEAT LTD. Announces Quarterly Results (1QFY21); Net Profit Down 150.3%
Tue, 25 Aug

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

CEAT LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m17,52115,73411,202-28.8%-36.1%
Other incomeRs m1203528-19.7%-76.4%
TurnoverRs m17,64115,76911,230-28.8%-36.3%
ExpensesRs m15,85013,73110,182-25.8%-35.8%
Gross profitRs m1,6651,722802-53.4%-51.8%
DepreciationRs m6447457855.4%21.9%
InterestRs m34940748820.0%39.9%
Profit before taxRs m792606-443-173.1%-155.9%
TaxRs m22114-56-149.0%-350.5%
Profit after taxRs m770492-387-178.7%-150.3%
Gross profit margin%9.510.97.2
Effective tax rate%2.818.712.6
Net profit margin%4.43.1-3.4
* 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 fell 36.1% on a year-on-year (YoY) basis. The expenses were down by 35.8% YoY during the same period.
  • The company's operating profit declined by 51.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.2% in 1QFY21 as against 9.5% in 1QFY20.
  • Depreciation charges increased by 21.9% and finance costs increased by 39.9% YoY, respectively.
  • Other income declined by 76.4% YoY during the quarter.
  • Net profit for the quarter declined by 150.3% YoY. Net profit margins during the quarter declined from 4.4% in 1QFY20 to -3.4% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 28.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 25.8% QoQ during the same period.
  • The company's operating profit declined by 53.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.2% in 1QFY21 as against 10.9% in 4QFY20.
  • Net profit for the quarter declined by 178.7% QoQ, while net profit margins declined from 3.1% in 4QFY20 to -3.4% in 1QFY21.

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

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CEAT LTD. Share Price Performance

Over the last one year,CEAT LTD. share price has moved up from Rs 862.4 to Rs 884.4, registering a Gain of Rs 22.0 or around 2.6%.

Overall, the S&P BSE SENSEX is up 3.8% over the year.

Current Valuations

At the current price of Rs 884.4, the price to earnings (P/E) ratio of CEAT LTD. stands at 36.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.3 times.

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