News: PPAP Automotive reported steady set of numbers in Q4FY22. Standalone revenue came in at Rs.115.4 crores up 3.7% QoQ. EBITDA for the quarter stood at Rs.12.1 crores up 3.2% QoQ with corresponding EBITDA margins at 10.5%, flat QoQ. PAT for the quarter came in at Rs. 2.9 crores, up 22.2% QoQ.
Views: Margin performance was largely on account of gross margin expansion of ~70 bps QoQ offset by higher other expense which were up 110 bps QoQ. Management expects FY23 to be a recovery year; further with exit quarter capacity utilization levels at 72% it possess sufficient room to grow ahead of the industry going forward. Company has recommended final dividend of Rs.1.5/ share.
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