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CEAT Investors
Presentation Third Quarter,
FY2011-12
Economic Environment
Industry Scenario – Market share & Growth Trend
Company Update
Sri Lanka Performance
CEAT : Q3 highlights
Con
ten
ts
Global Economic crisis to impact Indian Economy.
The overall sales growth rate recorded by Automobile Sector for April-December 2011 was 12.5% as compared to the corresponding period last year.
Passenger Vehicles grew marginally at 0.5%, Commercial Vehicles segment registered growth of 19.3 %, 2-3 Wheelers sales recorded de-growth of (-) 0.07% during April-December 2011 over same period last year.
Volatility in Fx Rates during the quarter. INR/USD rates depreciated by 8.5% during the quarter.
Economic Environment
MRF27%
APOLLO19%
JK16%
CEAT12%
BIRLA11%
Others15%
Industry Size FY 11 ~ Rs.30,000 cr.Top 5 contribute to 85% of sales
Industry Scenario
Industry Growth –Top 5
2006-07
2007-08
2008-09
2009-10
2010-11
5000
10000
15000
20000
25000
30000
13423 1482917017
20532
30000
Net Sales Rs in crs
Trailing CAGR 18.5%
Top 5 : CEAT, MRF,Apollo,JK,Birla
Company Update
Financial Performance and Update
2010-11 2009-10 2008-09 2007-08 2006-07Gross Sales 3752 2990 2611 2603 2391
Less: Excise Duty 283 182 245 273 256
Net Sales 3469 2808 2366 2330 2135
EBIDTA 141 306 48 205 150
Depreciation 34 27 31 33 31
Interest (Net) 66 40 54 54 58
Exceptional Item 8 0 0 -80 0
PBT 33 239 -37 198 61
Less: Tax 11 78 -21 49 22
PAT 22 161 -16 149 39
Proposed Dividend 8 16 0 16 10
Dividend % 20% 40% 0 40% 18%
(all figures in crores)
5 years Performance
Shareholding Pattern
Promoters; 51.3%
Financial Institution; 14.3%
Corporate Bodies; 7.3%
FII; 1.8%
Others; 25.3%
Net Sales Growth
2006-07 2007-08 2008-09 2009-10 2010-110
500
1000
1500
2000
2500
3000
3500
2135 2330 2366
2808
3469
CAGR - 12.9%
Net
Sale
s
(all figures in crore)
Quarterly Performance
9 months Particulars
Q1 Q2 Q3 9 months10-11 11-12 11-12 11-12 11-12
2695.1 Gross Sales 1160.8 1191.8 1129.8 3482.42490.6 Net Sales 1072.5 1104.7 1048.0 3225.3126.3 EBIDTA -9.4 61.1 60.2 112.043.1 Interest (net) 34.2 35.9 38.1 108.224.4 Depreciation 15.7 17.2 18.8 51.758.8 Operating PBT -59.2 8.0 3.3 -48.07.8 Exceptional expense (VRS) 3.2 - - -0.2 Non-Operating Income 0.4 0.3 0.2 0.9
51.2 PBT -62.0 8.3 3.5 -50.25.07% EBIDTA % -0.87% 5.52% 5.74% 3.47%
2.05% PBT % -0.05% 0.75% 0.33%-1.5%
(all figures in crore)
Sales and Market Mix – Q3 FY11-12
Sales Mix - MTMarket Mix - MT
Truck Bias; 45%
Truck Radial; 8%2/3 Whl;
13%
LCV; 8%
Car/UV Radials;
6%
Car/UV Bias; 1%
Speciality; 8%
Tractor; 7%
Others; 5%
Re-place-ment; 63%
OEM; 16%
Exports; 21%
Raw material and Selling price Index
Q3 '11 Q4 '11 Q1'12 Q2'12 Q3'12
100
111
123120
123
100104
112 118
123
RM Price hike
Raw Material- Price Trend Rs/Kg
RSS4 Prices as per Rubber Board Site Other RM Price derived from ICISLOR site
Dec,1
0
Jan,
11
Feb,
11
March
,11
April,
11
May,1
1
June
,11
July
,11
Aug-1
1
Sep-
11
Oct-1
1
Nov-1
1
Dec-1
1150
170
190
210
230
250
270
Natural Rubber
Per Kg
Dec,1
0
Jan,
11
Feb,
11
March
,11
April,
11
May,1
1
June
,11
July
,11
Aug-1
1
Sep-
11
Oct-1
1
Nov-1
1
Dec-1
1150
170
190
210
230
250
PBR
Per Kg
Dec,1
0
Jan,
11
Feb,
11
Mar
c...
April,
11
May
,11
June
,11
July
,11
Aug-1
1
Sep-
11
Oct-1
1
Nov-1
1
Dec-1
1150
170
190
210
230
250 SBR
Per Kg
Dec,1
0
Jan,
11
Feb,
11
Marc...
April,
11
May,1
1
June
,11
July
,11
Aug-1
1
Sep-
11
Oct-1
1
Nov-1
1
Dec-1
1240
260
280
300
320
340Nylon Cord
Per Kg
CEAT- Sri Lanka
Q1
10-11Q2
10-11Q3
10-119M
10-11Q1
11-12Q2
11-12Q3
11-129M
11-12Net
Sales 70.9 90.5 97.7 259.1 79.2 107.1 111.0 297.4
EBIDTA 9.3 12.9 13.5 35.7 6.7 11.9 15.1 33.7
PBT 7.4 10.5 10.3 28.2 4.2 8.5 11.4 24.1
PAT 7.4 7.0 5.9 20.3 3.3 5.2 8.7 17.2EBIDTA
% 13.1% 14.2% 13.8% 13.8% 8.5% 11.0% 13.6% 11.4%
PBT% 10.4% 11.6% 10.5% 10.9% 5.3% 7.9% 10.2% 8.1%
(Rs in crore)
Average capacity utilisation at Halol Plant was at 50%.
No adverse impact due to fluctuations in Fx rates.
CEAT: Q3 Highlights
CEAT
THANK YOU
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