Inline performance; RM prices inched up QoQ

Company
29 Jan 2024
5 Min read 
  • CEAT's 3QFY24 results were in line with expectations, with inline performance.
  •  Replacement and exports demand are expected to continue driving growth.
  •  EBITDA margin declined slightly due to an increase in raw material costs.
  •  FY25 EPS is revised upwards by 4% to factor in demand recovery and lower depreciation.
  •  Reiterate BUY rating with a target price of INR3,250.
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