CEAT – Q4FY07

Q4FY07 Financial Highlights

  • Net Sales increases by 16.2% to Rs5.6bn
  • Operating profit increases by 76.2% to Rs439mn
  • Operating margin increases by 265 bps to 7.8%
  • PAT stood at Rs234mn for Q4FY07 compared to Rs49mn for Q4FY06

Valuations

We have revised upwards our FY08 and FY09 estimates to give effect for easing in natural rubber prices. Our revised EPS estimates for FY08 and FY09 are Rs10.4 and Rs13.0 respectively. The investment portfolio with haricut of 70% stands at Rs28 per share. We value CEAT at 10x of its FY09 estimated EPS and adding Rs28 for investment portfolio our revised target price comes to Rs158. Maintain BUY.

Click below for the detailed Result Update:

http://www.indiainfoline.com/content/rep/Result_Analysis/2007/4/2442007/ceat_0307.pdf


Warm Regards,

J Radhakrishnan
India Infoline Ltd

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