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IDBI Capital Report
Jamna Auto Industries Ltd.'s Q1 FY23 consolidated results were below our estimates. The revenue for the quarter stood at Rs 5.5 billion versus our estimates of Rs 6.2 billion; Ebitda margin for the quarter stood at 11% versus our estimates of 13.5%.
Jamna Auto's profit after tax for the quarter expanded by 92% to Rs 374 million versus our estimates of Rs 551 million.
Given the robust business outlook on account of strong commercial vehicle demand due to picking up of economic activities in mining, logistics and construction sector and recent softening of commodity prices, we retain our volume and profit after tax estimates for FY23E and FY24E.
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