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Dolat Capital Report
GNA Axles Ltd. reported resilient numbers in Q1. Revenue grew by 24.9% QoQ to Rs 3.75 billion led by strong volume growth in domestic tractor business and stable export revenue.
Ebitda grew by 28 % QoQ to Rs 505 million with margin of 13.5 %, led by operating leverage. The company has guided 10-15% growth in top line (expect Q2 would be better than Q1) and 13-14% margin for FY23.
Despite slowdown in class 8 truck new order, we believe export revenue to be stable in coming quarters due to strong order backlog for NA class 8 truck.
GNA Axles is witnessing steady demand in North America and Europe with improvement in semiconductor supply, cooling commodity prices and freight cost.
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