BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Ceat Ltd.'s Q1 FY23 results were reasonable given steep raw material inflation as gross margins contracted for seventh consecutive quarter by 180 bps QoQ at 31.7%. However, volume/average selling prices were better than expected with ~7.5%/1.2% QoQ growth.
Volume offtake was better for passenger vehicle and two-wheelers (double digit growth) in replacement segment while exports and commercial vehicles volumes were flat.
We believe, with stability in key raw material prices and aggressive price hikes (Ceat's management hinted at up to ~4% blended price hike in August 2022) to offset raw material headwinds from Q3 FY23.
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