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Axis Securities Report
Automotive Axles Ltd. posted stellar results in Q4 FY22 and beat our estimates. Revenue for the quarter stood at Rs 552 crore (our estimates - Rs 434 crore), up 30% YoY.
The growth in revenues was led by a sharp improvement in volumes. The company reported an Ebitda of Rs 62 crore (our estimate - Rs 41 crore), reflecting an 11.2% Ebitda margin and a growth of 39% YoY on account of a sharp focus on revenue improvement and cost reduction.
Profit after tax was reported at Rs ~39 crore (our estimate - Rs 24 crore) against a profit of Rs ~27 crore in Q4 FY21, aided by better operating performance.
Automotive Axles would be a standout beneficiary of rising demand for the medium and heavy commercial vehicles segment given the products viz., rear wheel axles, brakes, and suspensions manufactured for the spectrum of load-carrying capacity across M&HCVs for marquee customers such as Ashok Leyland Ltd., Tata Motors Ltd., Diamler Benz, Volvo Eicher, and Caterpillar, among others.
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