BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Ceat Ltd.’s Q4 FY21 performance was a beat on consensus expectations driven by faster than anticipated revenue growth (up ~50% YoY).
The growth momentum was driven by outperformance in passenger vehicle /commercial vehicle segments.
However, gross margins are beginning to reflect commodity price pressures (down 365 basis points QoQ).
On balance sheet side, consolidated debt fell by ~Rs 5.1 billion YoY to ~Rs 14.2 billion (FY20: ~Rs 19.3 billion) while debt/equity ratio reduced to 0.42 times (FY20: 0.66 times).
Outlook for H1 FY22 remains a concern on demand slowdown due to Covid-19 surge and original equipment manufacturer production stoppages.
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