Ceat Ltd. — Investor Presentation 2021

Oct 25, 2021

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October 25, 2021

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Security Code: 500878

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400051

Symbol: CEATLTD NCD Symbol: CL23,CL25 CP Listed ISIN: INE482A14AL2, INE482A14AM0, INE482A14AN8, INE482A14AO6, INE482A14AP3, INE482A14AQ1, INE482A14AR9, INE482A14AS7

Sub: Results Earnings Call Q2 FY22 - Investors Presentation

Dear Sir/Madam,

In continuation of our letter dated October 18, 2021, please find enclosed herewith Investors Presentation for the quarter and half year ended September 30, 2021, for the Results Earnings Call scheduled on Tuesday, October 26, 2021, at 3:30 p.m. IST, dial-in details of which are reproduced below for ready reference:

Dial-in Details:

India (Universal) and Mumbai	+91 22 6280 1366 +91 22 7115 8267
Location	Toll Free Number
USA	18667462133
UK	08081011573
Singapore	8001012045
HongKong	800964448

We request you to kindly take the same on record and disseminate appropriately.

Thanking you,

Yours faithfully,

For CEAT Limited

Vallari Gupte Company Secretary & Compliance Officer

Encl: as above

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An Group Company

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Q2 FY22 – Investor Presentation | 25[th] October 2021

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Disclaimer

This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.

The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertake no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of CEAT Limited (the “Company”), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefore. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

4-6 7-17 18-26 27-31

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Table of Contents

Section 1: RPG Group Overview Section 2: Business Overview Section 3: Operational & Financial Overview Section 4: Environment, Social and Governance (ESG) Overview

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Section 1: RPG Group Overview

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RPG Grou : Powered b Passion Driven b Ethics p y , y

UNLEASH TALENT TOUCH LIVES OUT PERFORM AND ☺

RPG Enterprises was founded in 1979. The group currently operates in various - industries Infrastructure, Technology, Life Sciences, Plantations and Tyre Manufacturing. The group has a history of business dating back to 1820 AD in banking, textiles, jute and tea. The Group grew in size and strength with several acquisitions in the 1980s and 1990s. CEAT became a part of the RPG Group in 1982, which is now one of India’s fastest growing conglomerates with 30,000+ employees, presence in 100+ countries and annual gross revenues of ~$4 Bn.

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KEC International

World leader in Power Transmission EPC space

CEAT One of India’s leading manufacturer of automobile tyres

Zensar Technologies Software services provider spread across 20 countries, 400+ customers.

RPG Life Sciences Pharma company with wide range medicines in global generics and synthetic APIs.

Raychem RPG

Engineering products and services catering to infrastructure segment of the economy.

Harrisons Malayalam

One of India’s largest plantation companies with tea, rubber and other agro products.

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RPG Grou : Ke Financials p y

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FY17-21 Gross Total Income (Rs Cr.) FY17-21 CAGR: EBITDA PAT
CAGR: 7.0% EBITDA 10.1%
3,006
PAT 8.9%
26,269
24,682 2,594
23,833 2,423
21,766 2,218
20,052 2,045
1,377
980 1,031 1,099 1,111
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Market Cap
Net Worth ROE ROCE
12,000.00 40.0% Group CEAT KEC ZENSAR
9,786 35.0% 30,190
10,000.00
8,441
30.0%
7,775
8,000.00 6,925
25.0%
6,066
6,000.00 16.2% 14.9% 14.1% 14.1% 20.0%
13.2%
15.0% 11,386
4,000.00
13.5% 10.0% 10,790
12.3% 12.0%
2,000.00 11.0% 10.7% 5.0%
5,343
- 0.0%
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FY17-21 Gross Total Income (Rs Cr.)
CAGR: 7.0%
26,269
24,682
23,833
21,766
20,052
FY17 FY18 FY19 FY20 FY21
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Net Worth ROE ROCE
9,786
8,441
7,775
6,925
6,066
16.2%
14.9% 14.1% 14.1%
13.2%
13.5%
12.3% 12.0%
11.0% 10.7%
FY17 FY18 FY19 FY20 FY21
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Note:

• 1) ROCE is calculated by taking EBIT*(1-ETR) divided by Capital Employed

• 2) ROE is calculated by taking PAT divided by Net-worth

• 3) Market Cap updated till 30-[th] September 2021

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Section 2: Business Overview Section 4: Business Overview

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Board of Directors

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Harsh Vardhan Goenka Chairman, Non Executive Director

Anant Goenka Managing Director

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Atul C. Choksey Non Executive Independent Director

Paras K. Chowdhary Non Executive Non Independent Director (appointed wef 25[th] October 2021)

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Ranjit Pandit Non Executive Independent Director

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Pierre E. Cohade Non Executive Non Independent Director

Arnab Banerjee COO and Whole Time Director

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Mahesh S. Gupta Non Executive Independent Director

Haigreve Khaitan Non Executive Independent Director

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Vinay Bansal

Priya Nair Non Executive Independent Director

Non Executive Independent Director

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Leadershi Team p

Anant Goenka

Kumar Subbiah

Arnab Banerjee

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Chief Financial Officer

Chief Operating Officer

Managing Director

Dilip Modak

Saurav Mukherjee

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Senior Vice President – Manufacturing

Senior Vice President – Global Sales & Supply Chain

Milind Apte

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Senior Vice President – Human Resources

Peter Becker

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Senior Vice President – R&D and Technology

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Overview

India’s leading tyre company with over 60 yrs of presence

Distribution Network : 4,400+ dealers, 550+ CEAT special channels

7 Manufacturing facilities - Bhandup, Nasik, Halol, Nagpur, Ambernath, Chennai & Sri Lanka

100+ countries where products are sold with strong brand recall

#No 1 player in Sri Lanka in terms of market share

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H1 FY22 Revenue Breakup by Product
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Specialty, 4% (7%)
Truck and
Farm, 11% (7%)
Buses, 30%
(34%)
Passenger Cars /
UV, 17% (14%)
2/3 wheelers,
LCV, 8% (9%) 29% (29%)
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H1 FY22 Revenue Breakup by Market
Exports, 19% (14%)
Replacement,
OEM, 23%
58% (65%)
(21%)
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1. Standalone revenue breakup

2. Figures in parenthesis denote FY21 standalone revenue break-up (post CSTL merger)

3. Farm exports reclassified from Specialty to Farm in FY22

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Strate gy

OEM Relationships

Differentiated Product

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World Class R&D

Strong Brand Extensive Distribution Global Reach

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1 Differentiated Products

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Strengthening OEM Relationships

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Key developments

▪ Recent entries in new models – Mahindra Bolero Neo, Okaya EV Scooter, Olectra EV Bus, Ashok Leyland Ecomet, Hero MotoCorp HF Deluxe (BSVI), Hero Glamour Refresh, Mahindra Jeeto Z Series, Nissan Magnite, Renault Kiger, Mahindra Perak, Mahindra Thar

Recent entries into OEM’s existing models – Honda Bikes till 125 CC, Yamaha FZ 150 CC, Suzuki Gixxer 150 CC, Ashok Leyland Truck 1618, Daimler BSVI Trucks, Piaggio Aprilia 150 CC, Hyundai i20

▪

▪ Platforms like Fuelsmart, Gripp, Mileage X3, SecuraDrive, Vardhan etc.

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2 Stron Brand g

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SecuraDrive New Campaign

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Gripp X3 New Campaign

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Stronger Association with IPL

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3
Extensive Distribution
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Shop in Shop (SIS)

CEAT Shoppe

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550+ CEAT Special Channels (Shoppe / SIS)

4,400+ Dealers & Channel Partners

580+ Districts

45,000+ Sub-dealers

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CEAT Tyre Stop

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300+ Distributors

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4 Deep OEM Partnerships

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TATA Motors Ashok Leyland VECV Escorts AMW TAFE
Mahindra Daimler Eicher SML Isuzu JBM Group
Maruti Suzuki TATA Motors Mahindra Renault Hyundai KIA Nissan
Force Motors Datsun Skoda Peugeot Volkswagen Morris Garage
Honda Royal Enfield Bajaj Yamaha Suzuki Hero Hero Electric
Piaggio LML Tork Tunwal Okinawa Scooters Kawasaki
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5 World Class R&D

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State-of-the-Art R&D Center, Halol

R&D Office, Germany

▪ Significant investment on tyre testing infrastructure like Anechoic Chamber, Flat Track Test Machine

▪ Focus on upcoming technologies like Electric Vehicle, Sustainability and Smart Tyres

• 100+ patent filings till date

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6 Ex andin Global Reach p g

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Key Export Clusters
Emerging markets
Europe Cluster
US Cluster
Middle East
Cluster
Far East 1 Cluster
Far East 2 Cluster
LATAM
Cluster
Africa
Cluster
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▪ Exports to 100+ Countries in 7 clusters ▪ Sri Lanka: Manufacturing facility and Leadership position in the market and with 50+% market share

▪ Focused product and distribution strategy for select clusters and countries

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Section 3: Operational & Financial Section 5: Operational & Financial Overview Overview

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Q2 FY22 Operational Highlights

Customer Day

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CEAT personnel interacted with customers and end users

across India

New Launches on CEAT tyres

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Oreva EV Bike

CEAT Shoppe Design Refresh

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Unveiled New Premium look of CEAT Shoppe

Mahindra Bolero Neo

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Consolidated: Q2 FY22 Financial Highlights

Q2 FY22 v/s Q1 FY22 (Q-o-Q)

Q2 FY22 v/s Q2 FY21 (Y-o-Y)

• Net revenue grew by 28.6% to INR 2,452 Crs from INR

▪ Net revenue from operations grew by 23.9% to INR 2,452

1,906 Crs

Crs from INR 1,978 Crs

• Gross margin contracted to 36.9% from 38.9%

▪ Gross margin contracted to 36.9% from 46.5%

• EBITDA stood at INR 225 Crs compared to INR 173 Crs;

• EBITDA stood at INR 225 Crs compared to INR 306 Crs;

margins at 9.2% v/s 9.1%

margins at 9.2% v/s 15.5%

• PAT stood at INR 42 Crs compared to INR 23 Crs

• PAT stood at INR 42 Crs compared to INR 182 Crs

• Debt / equity at 0.60x compared to 0.53x

▪ Debt / equity at 0.60x compared to 0.59x

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Consolidated: Financial Trends

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7,610
6,985
6,779
6,283
5,722
Net Sales
4,358
(INR Cr)
FY17 FY18 FY19 FY20 FY21 H1 FY22
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13.4% 16.0%
14.0%
12.0% 10.2% 10.9% 1,019 9.2% 12.0%
9.5% EBITDA (INR
10.0% Cr)
741 8.0%
638 663
685 6.0% EBITDA to Net
400 4.0% Sales %
2.0%
0.0%
FY17 FY18 FY19 FY20 FY21 H1 FY22
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Note

All figures are per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non-operating income

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Consolidated: Financial Trends

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500 9.0%
450 8.0%
400 6.3% 5.7% 7.0%
350
6.0%
300
3.6% 5.0% PAT (INR Cr)
250 3.7% 3.4%
200 432 4.0%
361 3.0%
150 PAT to Net Sales%
1.5%
100 233 251 230 2.0%
50 65 1.0%
- 0.0%
FY17 FY18 FY19 FY20 FY21 H1 FY22
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Notes

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All figures are per IND AS

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Consolidated: Q2 and H1 FY22 Financials

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q2 FY21 1,978.5 1,059.2 919.3 46.5% 161.0 465.9 305.8 15.5% 45.0 83.9 176.9 - 3.8 180.7 182.2	Q1 FY22 1,906.4 1,164.3 742.1 38.9% 177.9 398.1 173.2 9.1% 46.0 96.5 30.7 - 3.9 34.6 23.1	Q2 FY22 2,451.8 1,547.0 904.8 36.9% 171.9 512.6 225.5 9.2% 49.6 120.6 55.3 0.5 2.8 57.6 42.3	QoQ 29% 33% 22% (203) bps -3% 29% 30% 11 bps 8% 25% 80% NA -29% 66% 83%	YoY 24% 46% -2% (956) bps 7% 10% -26% (626) bps 10% 44% -69% NA -27% -68% -77%	H1 FY21 3,098.6 1,728.4 1,370.2 44.2% 312.2 663.5 411.3 13.3% 93.7 162.5 155.1 21.8 6.6 139.9 146.9	All figures in INR Cr H1 FY22 YoY 4,358.2 41% 2,711.3 57% 1,646.9 20% 37.8% (643) bps 349.8 12% 909.7 37% 399.6 -3% 9.2% (410) bps 95.6 2% 217.1 34% 87.0 -44% 0.5 -98% 5.7 -14% 92.1 -34% 65.3 -56%	All figures in INR Cr H1 FY22 YoY 4,358.2 41% 2,711.3 57% 1,646.9 20% 37.8% (643) bps 349.8 12% 909.7 37% 399.6 -3% 9.2% (410) bps 95.6 2% 217.1 34% 87.0 -44% 0.5 -98% 5.7 -14% 92.1 -34% 65.3 -56%
								YoY
								41%
								57% 20%
								(643) bps
								12% 37% -3%
								(410) bps
								2% 34% -44%
								-98% -14% -34% -56%

Notes

Figures are as per IND AS

Company’s investment in Sri Lanka JV is accounted using Equity method under IND AS which was earlier consolidated using proportionate consolidation method Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA includes profit from Sri Lanka JV

EBITDA does not include Non-operating income

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Consolidated: Leverage / coverage Profile

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Total Debt
(INR Cr)
Debt breakup
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924 872 1,498 1,929 1,418 2,004
2,000 LT Debt (INR Cr)
1,657
1,693
1,500
1,274 1,397 ST Debt (INR Cr)
1,000 866 0.66
0.60
0.54
676 0.42
0.38
500
D/E
0.33
0 58 196 224 236 21 347
FY 17 FY18 FY19 FY20 FY21 H1 FY22
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Leverage ratios
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Note
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1,019
663 741 EBITDA (INR Cr)
685
638
8.4 5.8
7.5 4.9
6.6 400
Debt / EBITDA (x)
2.6
2.3
1.4 1.4
1.3
EBITDA / Interest (x)
FY 17 FY18 FY19 FY20 FY21 H1 FY22
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EBITDA / Interest (x)
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All figures are per IND AS Debt numbers are on Gross basis

Company’s investment in Sri Lanka JV is accounted using Equity method EBITDA includes profit from Sri Lanka JV; EBITDA does not include Non- operating income Long Term debt also includes the ‘Current Maturities’ component of the long-term debt

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Standalone: Q2 and H1 FY22 Financials

All figures in INR Cr

Parameter Net Revenue from operations Raw Material Gross margin Gross margin % Employee Cost Other Expenses EBITDA EBITDA % Finance Cost Depreciation Operating PBT Exceptional expense Non-Operating income PBT PAT	Q2 FY21 1,965.1 1,049.3 915.9 46.6% 158.9 466.5 290.5 14.8% 44.4 83.9 162.2 - 4.2 166.4 170.2	Q1 FY22 1,897.8 1,163.8 733.9 38.7% 175.3 393.2 165.5 8.7% 45.3 96.5 23.8 - 3.9 27.7 20.0	Q2 FY22 2,432.3 1,535.9 896.5 36.9% 170.0 510.2 216.3 8.9% 48.7 120.6 47.0 0.5 2.6 49.1 36.0	QoQ 28% 32% 22% (182) bps -3% 30% 31% 17 bps 8% 25% 97% NA -32% 77% 80%	YoY 24% 46% -2% (975) bps 7% 9% -26% (589) bps 10% 44% -71% NA -38% -71% -79%	H1 FY21 3,081.3 1,718.9 1,362.4 44.2% 308.1 661.7 392.6 12.7% 92.7 162.4 137.5 21.8 18.7 134.5 144.3	H1 FY22 4,330.1 2,699.7 1,630.4 37.7% 345.2 902.4 382.8 8.8% 94.0 217.1 71.8 0.5 5.5 76.7 55.9	YoY
								41%
								57% 20%
								(656) bps
								12% 36% -3%
								(390) bps
								1% 34% -48%
								-98% -71% -43% -61%

Notes

Financials are as per IND AS Gross margin includes impact of non-material cost movement of inventory (FG + SFG) EBITDA does not include Non-operating income

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E uit Shareholdin & Price trends q y g

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Share Price (INR) Total Volume
2,000 40,00,000
35,00,000
1,500 30,00,000
25,00,000
1,000 20,00,000
15,00,000
500 10,00,000
5,00,000
- -
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
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Source : Stock Exchange. The above data is updated till 30[th] September 2021

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Shareholding Pattern as on
30 [th] September, 2021
Promoters
16.5%
FII/FPI
4.5%
Mutual Funds 46.8%
8.8%
Ins., Fin. Inst. & Other
Corp.
Public/Others 23.4%
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Market Information
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• Market Price (25[th] October, 2021): INR

1,293.40/share

• Face Value : INR 10/share

• Market Cap (25[th] October, 2021): INR 5,232 Cr

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Section 4: Environment, Social, Section 5: Operational & Financial Governance (ESG) Overview Overview

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Sustainabilit Goals y

Manufacturing

✓ Plant electricity through rooftop / captive solar plants ✓ Using briquette as fuel

Materials

✓ Greener raw materials; recycled crumb rubber ✓ ESG compliant vendors

Reduce Carbon Footprint by 50% by 2030

Transportation

✓ Network optimization ✓ Alternate Mode of Transport

Product Use

End of Life

✓ High recycling and recovery rates

• ✓ Light weight tyres

• ✓ Low rolling resistance

• ✓ Increased retreadability

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Commitment to Environment

• Nasik, Bhandup and Nagpur plant are certified for energy management system

• Rooftop solar commissioned at Nagpur and Ambernath factories. Installation completed at Halol and Chennai. 26% of plant power requirement through rooftop solar till date

• Tied-up with TATA Power to set-up a solar plant in Maharashtra for our Bhandup plant

• Engaged with Cleanwin Energy Five to supply power generated through wind-mill

• Halol, Nasik, Nagpur, Chennai and Ambernath Plants are zero liquid discharge plants

• Green Building Platinum Certification for Nagpur and Chennai plants while Gold for Halol from Indian Green Building Council

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Commitment to Diversit and Inclusion y

• Flexible and inclusive HR policies like employee referral incentive for gender and geography diversity hirings

• Gender diversity in new hirings at 29.5%

• Internship program launched for “Women Returning to Work” and “Specially abled candidates”

• 1st batch of 7 transgender associates joined CEAT

• Medical policies changed to include LGBTQ+

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Commitment to Societ y

• Education:

• Functional English training for school children

• Teachers empowered to create right learning environment for students

• Magic classroom on national television (DD)

• ‘A story a day’ initiative which involved sharing stories for students

• Community

• Covid fever clinics set-up in Maharashtra in partnership with National Health Mission

• Dry ration kits donated to flood affected households in Maharashtra

• Employability

• Over 1,500 candidates trained in the domain of healthcare, commercial driving &

  • logistics, digital, construction, enterprise development, etc.

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T H A N K Y O U