ASK has been consistently outperforming growth of the underlying two-wheeler industry led by rising kit value in ALP segment as two- wheeler/three-wheeler industry transitions to EVs, ramp up of two-wheeler SCC business and expansion into PV and non-automotive segments.
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ICICI Securities Report
ASK Automotive Ltd.'s consolidated revenue at Rs 8.5 billion was up 9% YoY, in line with our estimate. Ebitda margin at 12.2% was also largely in line with our estimate of 12.1%. Margin improvement of +170bps YoY was led by operating leverage and cost optimisation initiatives.
ASK has been consistently outperforming growth of the underlying two-wheeler industry led by-
rising kit value in ALP segment as two-wheeler/three-wheeler industry transitions to EVs,
ramp up of two-wheeler SCC business and
expansion into PV and non-automotive segments.
We believe ASK is well positioned to continue its healthy growth momentum. We expect ASK to post 14%/27% revenue / EPS CAGR over FY24-27E. Maintain Buy with an unchanged target price of Rs 535, based on 30x FY27E earnings per share.
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