CEAT

$CEATLTD shares: In the recently reported Q3 FY24, CEAT announced a consolidated net profit of Rs 97.03 crore, representing a significant decline of 46.48%. This drop in profit is largely attributed to the escalating costs of raw materials. Despite this setback in profitability, the company saw its revenue grow to Rs 3,299.9 crore, supported mainly by strong performance in the replacement segment of the market. Analysts are optimistic about CEAT's future, maintaining a 'Buy' recommendation for investors. They have set a target price of Rs 3,456 per share, indicating a potential upside of approximately 13% from current levels. This guidance reflects confidence in the company's ability to navigate the challenges posed by rising costs and continue capitalizing on growth opportunities within the automotive industry.