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Motilal Oswal Report
Craftsman Automation Ltd.’s Q4 FY23 operating performance was in line while transition to new tax regime boosted its adjusted profit after tax to Rs 703 million (versus estimate: Rs 537 million).
We believe growth in the aluminum division (ramp up for Stellantis and new orders from domestic sports utility vehicles) and Industrials (traction in construction activity and exports) should drive overall growth in FY24E/25E.
We have slightly cut our FY24E earnings per share by 2% to account for higher interest costs while we retain our FY25E EPS.
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