Buy Ceat, target price Rs 1800: JM Financial

JM Financial has buy call on Ceat with a target price of Rs 1800. The current market price of Ceat is Rs 1412.35.

Ceat, incorporated in the year 1958, is a Mid Cap company (having a market cap of Rs 5705.08 Crore) operating in Tyres sector.

Ceat key Products/Revenue Segments include Automobile Tubes, Other Operating Revenue, Scrap, Royalty Income, Others for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 2729.22 Crore, down -6.03 % from last quarter Total Income of Rs 2904.25 Crore and up 12.94 % from last year same quarter Total Income of Rs 2416.44 Crore. Company has reported net profit after tax of Rs 41.04 Crore in latest quarter.

The company’s top management includes Mr.H V Goenka, Mr.Atul C Choksey, Mr.Ranjit V Pandit, Mr.Haigreve Khaitan, Mr.Paras K Chowdhary, Mr.Mahesh S Gupta, Mr.Pierre E Cohade, Ms.Priya Nair, Mr.Arnab Banerjee, Mr.Anant Vardhan Goenka, Mr.Vinay Bansal. Company has SRBC & Co LLP as its auditors. As on 31-12-2022, the company has a total of 4 Crore shares outstanding.

Promoter/FII Holdings
Promoters held 47.21 per cent stake in the company as of 31-Dec-2022, while FIIs owned 24.09 per cent, DIIs 12.91 per cent.