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Dolat Capital Report
Craftsman Automation Ltd.'s Ebitda number was broadly in line with estimate. Revenue grew 7% QoQ in addition terms while operating profit margin contracted 214 basis points QoQ to 22.2% led by led by contraction in margin in power train and aluminium segment partially offset by expansion in industrial and engineering segment.
Craftsman Automation is targeting 20% revenue and Ebitda growth for FY23 ( addition basis). Expect Q3 would be a challenging quarter (as usual) due to inventory correction and shut down of plants of original equipment manufacturers.
We forecast 32% earnings per share compound annual growth rate over FY22-25E led by-
growth momentum to be continued in medium and heavy commercial vehicle segment,
strong order and addition in aluminum product business and
fall in interest cost due to deleveraging balance sheet.
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