Ceat Ltd. — Regulatory Filings 2021

May 5, 2021

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May 5, 2021

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Security Code: 500878

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Symbol: CEATLTD NCD Symbol: CL23, CL25 CP Listed ISIN: INE482A14AD9

Dear Sirs /Madam,

Sub: Investors Presentation

In continuation of our letter dated April 29, 2021, please find enclosed herewith Investor’s Presentation for the quarter and year ended March 31, 2021, for the Results Earnings call scheduled on Thursday, May 6, 2021 at 4:00 p.m. IST, dial-in details of which are reproduced below for ready reference:

Dial-in Details:

India (Universal) and Mumbai	+91 22 7115 8160 +91 22 6280 1259
Location	Toll-Free Number
USA	1 866 746 2133
UK	0 808 101 1573
Singapore	800 101 2045
HongKong	800 964 448

We request you to kindly take the above on record.

Thanking you,

Sincerely,

For CEAT Limited

Vallari Gupte

Company Secretary & Compliance Officer

Encl: as above

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An Group Company

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Q4 FY21 – Investor Presentation | 5[th] May 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 27-28

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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 20000+ employees, presence in 100+ countries and annual gross revenues of over $3 Bn.

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KEC CEAT
International
One of India’s
leading
World leader in
manufacturer of
Power
automobile tyres
Transmission
EPC space
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Zensar RPG Life Raychem RPG
Technologies Sciences
Engineering
Software Pharma products and
services provider company with services
spread across 20 wide range catering to
countries, medicines in infrastructure
400+ customers. global generics segment
and synthetic of the economy.
APIs.
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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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FY16-20 Gross Total Income (Rs Cr.)
CAGR: 7.6%
24,682
23,833
21,766
20,052
19,271
FY16 FY17 FY18 FY19 FY20
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Net Worth ROE ROCE
8,441
7,775
6,925
6,066
5,260
16.7% 16.2% 14.9% 14.1% 10.7%
11.6% 12.3% 12.0% 11.0%
13.2%
FY16 FY17 FY18 FY19 FY20
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Note:

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FY16-20 CAGR:
EBITDA PAT
EBITDA 6.5% PAT 6.0%
2,594
2,423
2,218
2,014 2,045
1,099 1,111
980 1,031
879
FY16 FY17 FY18 FY19 FY20
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Market Cap
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Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

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24,689
10,550
6,315
6,188
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• 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 14[th] January 2021

Group CEAT KEC ZENSAR

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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

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Anant Goenka Managing Director

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Arnab Banerjee COO and Whole Time Director

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Atul C. Choksey Non Executive Independent Director

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Pierre E. Cohade Non Executive Non Independent Director

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Haigreve Khaitan Non Executive Independent Director

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Mahesh S. Gupta Non Executive Independent Director

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Paras K. Chowdhary Non Executive Independent Director

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Ranjit Pandit Non Executive Independent Director

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Vinay Bansal Non Executive Independent Director

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Priya Nair Non Executive Independent Director

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Leadershi Team p

Anant Goenka

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Managing Director

Dilip Modak

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Senior Vice President – Manufacturing

Kumar Subbiah

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Chief Financial Officer

Vijay Gambhire

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Chief Executive – CEAT Specialty, Senior Vice President – QBM

Arnab Banerjee

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Chief Operating Officer

Saurav Mukherjee

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Senior Vice President – Global Sales

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 50 yrs of presence

Distribution Network : 3,400+ dealers, 300+ exclusive CEAT franchisees

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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FY21 Revenue Breakup by Product
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Specialty, 7% (5%)
Truck and
Farm, 7% (6%)
Buses, 34%
(32%)
Passenger Cars /
UV, 14% (14%)
LCV, 9% (12%)
2/3 wheelers,
29% (32%)
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FY21 Revenue Breakup by Market
Exports, 14% (14%)
OEM, 21%
(27%)
Replacement
, 65% (59%)
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1. Consolidated revenue breakup

2. Corresponding figures in investor presentations till Q4 FY19 had standalone revenue break-up

3. Figures in parenthesis denote FY20 consolidated Revenue (post CSTL merger) break-up

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Strate gy

Differentiated Product

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Strong Brand Extensive Distribution

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OEM Relationships

World Class R&D

Global Reach

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1 Differentiated Products

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Strengthening OEM Relationships

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Key developments

▪ Focus on OEM, recent entries in new models – Hero MotoCorp Splendor iSmart (BSVI), Hero MotoCorp HF Deluxe (BSVI), Hero Dare 125, Hero Duet E, Maruti Suzuki Alto VXI+, Hero Glammer Refresh, Mahindra Jeeto Z Series, Tata Intra, Mahindra Perak, Mahindra Thar, Nissan MAGNITE ▪ 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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Continued association Indian Premier League as the official Strategic Timeout Partners

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Discussing everything about cricket in an exclusively curated CEAT x The Edges & Sledges Cricket Podcast

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Challenging Norms and Changing Perceptions through CEAT’s Advertisements and Initiatives

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CEAT’s #UthaoSawalBadloKhayal campaign

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India’s first Tyre Shop Owned, Operated and Managed by women

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3 Extensive Distribution

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Shop in Shop (SIS)

Multi Brand Outlet

CEAT Shoppe

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3400+ Dealers & Channel Partners

275+ 2W Distributors

300+ 35,000+ CEAT Franchisees Sub-dealers

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CEAT Bike Shoppe

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600+ Districts

400+ MBO / SIS

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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

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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 90+ 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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Q4 FY21 Operational Highlights

Awards and Recognition

Awarded Best Company in Quality management for standard parts by Honda

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Recognized among India’s top 10 workplaces in health and wellness by GPTW institute

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Launches on CEAT

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Partnership with Renault

Renault Kiger B-SUV rolled out on CEAT SecuraDrive tyres

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Royal Enfield Interceptor 650 on CEAT’s Zoom Cruz tyres

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Consolidated: Q4 FY21 Financial Highlights

Q4 FY21 v/s Q3 FY21 (Q-o-Q)

Q4 FY21 v/s Q4 FY20 (Y-o-Y)

• Net revenue from operations grew by 3.1% to INR 2,290

▪ Net revenue from operations grew by 45.5% to INR 2,290

Crs from INR 2,221 Crs

Crs from INR 1,573 Crs

• Gross margin contracted to 42.0% from 45.5%

• Gross margin contracted to 42.0% from 45.6%

• EBITDA stood at INR 269 Crs compared to INR 339 Crs;

• EBITDA stood at INR 269 Crs compared to INR 203 Crs;

margins at 11.7% from 15.3%

margins at 11.7% from 12.9%

• PAT stood at INR 153 Crs compared to INR 132 Crs

• PAT stood at INR 153 Crs compared to INR 52 Crs

• Debt / equity at 0.42x compared to 0.49x

• Debt / equity at 0.42x compared to 0.66x

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Consolidated: Financial Trends

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7,610
6,985
6,779
6,283
5,722
Net Sales
(Rs Cr)
FY17 FY18 FY19 FY20 FY21
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13.4% 16.0%
14.0%
12.0%
10.2% 10.9% 1,019 12.0%
9.5% 10.0% EBITDA (Rs Cr)
741 8.0%
638 663
685 6.0%
EBITDA to Net
4.0%
Sales %
2.0%
0.0%
FY17 FY18 FY19 FY20 FY21
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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 (Rs Cr)
250 3.7% 3.4%
200 432 4.0%
361 3.0%
150 PAT to Net Sales%
100 233 251 230 2.0%
50 1.0%
- 0.0%
FY17 FY18 FY19 FY20 FY21
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Notes

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All figures are per IND AS

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Consolidated: Q4 FY21 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	Q4 FY20 1,573.4 855.2 718.3 45.6% 141.8 376.1 202.9 12.9% 40.7 74.5 87.7 28.2 3.5 63.1 51.7	Q3 FY21 2,221.3 1,209.6 1,011.7 45.5% 180.6 503.4 339.4 15.3% 41.9 87.3 210.2 12.3 4.1 202.0 132.3	Q4 FY21 2,289.7 1,328.3 961.5 42.0% 182.6 518.0 268.7 11.7% 39.9 89.9 138.9 - 3.2 142.1 153.0	QoQ 3% 10% -5% (355) bps 1% 3% -21% (354) bps -5% 3% -34% NA -22% -30% 16%	YoY 46% 55% 34% (366) bps 29% 38% 32% (116) bps -2% 21% 58% NA -10% 125% 196%	FY20 6,778.8 3,915.1 2,863.8 42.2% 541.8 1,598.1 741.1 10.9% 150.9 276.5 313.6 29.8 20.5 304.3 230.1	All figures in INR Cr FY21 YoY 7,609.6 12% 4,266.3 9% 3,343.3 17% 43.9% 169 bps 675.5 25% 1,684.9 5% 1,019.3 38% 13.4% 246 bps 175.5 16% 339.6 23% 504.1 61% 34.1 14% 13.8 -33% 483.9 59% 432.3 88%	All figures in INR Cr FY21 YoY 7,609.6 12% 4,266.3 9% 3,343.3 17% 43.9% 169 bps 675.5 25% 1,684.9 5% 1,019.3 38% 13.4% 246 bps 175.5 16% 339.6 23% 504.1 61% 34.1 14% 13.8 -33% 483.9 59% 432.3 88%
								YoY
								12%
								9% 17%
								169 bps
								25% 5% 38%
								246 bps
								16% 23% 61%
								14% -33% 59% 88%

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 1498 1929 1418
2000
18001600 1693 LT Debt (Rs Cr)
1400 1274
1200 1397
1000 ST Debt (Rs Cr)
800 866 676 0.54 0.66
600 0.42
400
0.33 D/E
2000 0.38 58 196 224 236 21
FY 17 FY18 FY19 FY20 FY21
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Leverage ratios
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Note
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1019
663 741
685
638
8.4 5.8
7.5 4.9
6.6
2.6
2.3
1.4 1.4
1.3
FY 17 FY18 FY19 FY20 FY21
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EBITDA (Rs Cr)
Debt / EBITDA (x)
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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: Q4 FY21 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	Q4 FY20 1,564.5 851.6 712.9 45.6% 139.5 374.5 199.0 12.7% 40.1 75.0 83.8 28.2 3.8 59.5 50.1	Q3 FY21 2,212.5 1,206.5 1,006.0 45.5% 178.5 501.7 325.8 14.7% 41.2 87.3 197.4 12.3 10.0 195.1 127.6	Q4 FY21 2,279.0 1,325.9 953.1 41.8% 180.6 517.2 255.3 11.2% 39.2 89.9 126.2 - 3.1 129.4 141.8	QoQ 3% 10% -5% (365) bps 1% 3% -22% (352) bps -5% 3% -36% -69% -34% 11%	YoY 46% 56% 34% (375) bps 29% 38% 28% (152) bps -2% 20% 51% -19% 117% 183%	FY20 6,747.9 3,905.3 2,842.6 42.1% 534.1 1,590.8 717.6 10.6% 149.1 277.1 291.5 29.8 30.7 292.4 224.6	All figures in INR Cr FY21 YoY 7,572.8 12% 4,251.3 9% 3,321.5 17% 43.9% 174 bps 667.1 25% 1,680.6 6% 973.8 36% 12.9% 222 bps 173.1 16% 339.6 23% 461.2 58% 34.1 14% 31.8 4% 458.9 57% 413.6 84%

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 4,000,000
3,500,000
1,500 3,000,000
2,500,000
1,000 2,000,000
1,500,000
500 1,000,000
500,000
- -
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
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Source : Stock Exchange. The above data is updated till 31[st] December 2020

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Shareholding Pattern as on
March 31, 2021
Promoters
11.1%
5.7%
FII/FPI
9.1%
Mutual Funds 46.8%
Ins., Fin. Inst. & Other
Corp.
Public/Others 27.3%
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Market Information

▪ Market Price (May 4[th] , 2021): INR 1,378.00/share

▪ Face Value : INR 10/share

▪ Market Cap (May 4[th] , 2021): INR 5,574 Cr

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

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CEAT’s ESG Journe So Far y

Long-Term Goal: ‘Minimizing adverse environmental impact on the Planet and Communities where we live, work or source.’

2019

Embarked on the ESG journey

2030 Sustainability Vision:

2020 Published maiden Integrated Annual Report FY20

Reduce Carbon Footprint by 50%

Strengthening existing ESG practices while developing long-term Vision and Goals in specific domains

• Using the levers: Culture , Operational Systems and Management Systems to achieve long-term Vision and Goal

• Detailed action plans with focus on:

2021

On path to publish second Integrated Annual Report FY21

• ✓ end-of-life-tyres management,

• ✓ greener products,

• ✓ renewable energy etc.

2030

VISION 2030

T H A N K Y O U