Motilal Oswal: CEAT - Higher Volumes, Lower Raw Material Prices Drive Beat
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Motilal Oswal Report
CEAT Ltd.’s Q2 FY21 performance was driven by strong demand across segments, favorable mix, lower raw material cost and operating leverage.
While near-term performance would be impacted by higher original equipment manufacturer share and rubber price inflation, sustained demand recovery would help utilise recent capacity additions, drive free cash flow generation and balance sheet deleveraging.
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