News: For Q2FY22, GYI's net sales rose by 30.7% QoQ to Rs.698.3 crore with margins up 21 bps sequentially to 8.6%. Consequent PAT was at Rs.39.2 crore, up 45.6% QoQ.
Views: Topline performance was ahead of several tyre peers despite a weak quarter for the key served segment of tractors. Gross margin depletion was sharp at 386 bps QoQ amid jump in traded goods component. Higher inventories and debtors led to lower CFO generation of Rs.125 crore in H1FY22 vs. Rs.150 crore in H1FY21.
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