CEAT results of third quarter was great

"CEAT’s results for the third quarter of FY24 were as expected in terms of absolute numbers. However, the EBITDA margin came in at 14.1%, slightly lower than the estimated 14.6%. The margin decreased by 80 basis points quarter-on-quarter due to a slight rise in raw material costs. Although commodity prices have already reached their lowest point, the EBITDA margin is expected to remain within a certain range due to volume growth and an improved product mix.

Maintaining the earnings per share (EPS) forecast for FY24, there is a 4% upward revision for FY25 EPS. This adjustment accounts for the anticipated recovery in demand for two-wheelers and exports, along with reduced depreciation. The recommendation to buy the stock is reiterated, with a target price of INR 3,250."