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Dolat Capital Report
SML Isuzu Ltd. delivered strong numbers in Q1 led by favorable mix. Revenue stood at Rs 5 billion (up 46% QoQ) attributed to 34.6% QoQ growth in volume (3511 units) and 8.6 % QoQ increase in net average selling price. Bus to truck volume mix was in the ratio of 69:31. Bus market share has improved to 9.15% in Q1 and expect bus volume continue to show significant recovery.
Given the recovery in economic activities, we believe the special application segment covering school, college, staff, ambulance etc. has immense growth prospects in the near and mid-term.
Cargo segment volume is expected to show strong growth in FY23 led by increased requirements for last-mile transportation, especially from ecommerce segment. However, the increasing penetration of electric vehicles in the bus segment and rising competitive intensity are key threats for SML Isuzu.
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