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Dolat Capital Report
Craftsman Automation Ltd.'s Ebitda number was broadly in line with estimate. Revenue grew 7% QoQ in value addition terms while operating profit margin contracted 214 basis points QoQ to 22.2% led by led by contraction in margin in power train and aluminium segment partially offset by expansion in industrial and engineering segment.
Craftsman Automation is targeting 20% revenue and Ebitda growth for FY23 (value addition basis). Expect Q3 would be a challenging quarter (as usual) due to inventory correction and shut down of plants of original equipment manufacturers.
We forecast 32% earnings per share compound annual growth rate over FY22-25E led by-
growth momentum to be continued in medium and heavy commercial vehicle segment,
strong order and value addition in aluminum product business and
fall in interest cost due to deleveraging balance sheet.
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