Jamna Auto posts steady set of numbers for Q4FY23JAMNAAUTO - 117 Change: -1.35 (-1.14 %)
News: Consolidated sales for the quarter came in at Rs 634 crore, up 7% QoQ, EBITDA came in at Rs 79.5 crore, up 21% QoQ with corresponding margins at 12.5%, up 142 bps QoQ. Consequently, PAT came in at Rs 52.5 crore up 27.7% QoQ. For full year basis, in FY23, topline growth was at 35% YoY with margins at 11.2% (down 200 bps YoY) and PAT at Rs 168 crore (up 20% YoY) with EPS pegged at Rs 4.2/share.
Views: The company’s performance is a proxy of Indian M&HCV volumes wherein it underperformed the M&HCV production domestically both for the quarter as well as for the year (FY23). Key positive, however, from the results was margin profile and CFO generation. Healthy margin performance was driven by lower other expense, which was down 146 bps QoQ with gross margin down 30 bps QoQ. Going forward, key monitorable would be the company’s execution on new product basket as well as entry into new markets amid steady lower double digit volume growth for domestic M&HCV industry in FY24E.