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Dolat Capital Report
MM Forgings Ltd. printed impressive numbers in Q1 FY23 amid a challenging environment. Revenue grew by 6.3% QoQ to Rs 3.44 billion led by strong growth in domestic revenue, partially offset by decline in revenue from export.
Export mix stood at 48:52. Ebitda margin expanded 126 basis points QoQ to 18.4 % due to better product mix (increasing proportion of machining).
Despite all challenges like ongoing geopolitical issues and raw material inflation, MM Forgings expects 80-85,000 tonnes of volume in FY23 led by strong domestic medium and heavy commercial vehicle volume and introduction of new products.
The management expects the North American market to grow at a higher rate compared to Europe in FY23. Domestic market to outperform exports as a whole in the next couple of years.
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