Open ICICI
3-in-1 Account
Manage your Savings, Demat and Trading Account conveniently at one place
Manage your Savings, Demat and Trading Account conveniently at one place
News: Standalone operating income for Q2FY24 came in at ₹ 9,638 crore, up 16.6% YoY amid 10% growth in volumes to ~50k units and share of M&HCV in total volume mix at 64.4% vs. 63.3% in Q1FY24. EBITDA came in at ₹ 1080 crore with margins at 11.2%, up 120 bps QoQ. Consequent PAT in Q2FY24 came in at ₹ 561 crore.
Views: Net realisation for the quarter came in marginally lower than anticipated at ₹9.3 lakh/unit. Gross margins expanded ~20 bps on QoQ basis with company realising healthy operating leverage benefits in terms of lower overhead costs. PAT came in lower than expected due to higher tax incidence which for the quarter stood at 35.2%. With robust spend on domestic infrastructure, cyclical upswing in CV space and healthy order wins in the E-mobility space (Electric buses), company is well poised for a profitable growth ahead.
Impact: Positive