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Motilal Oswal Report
Craftsman Automation Ltd. reported weak Q3 FY24 results across the board as lower revenue at Rs 8.2 billion (versus estimate: Rs 8.6 billion) impacted overall profitability.
Moreover, the management remains cautious about the FY25 growth outlook as most of the underlying industries are expected to witness flat growth YoY.
To factor in weak growth, we cut FY24E/25E earnings per share by 11%/15%. While the near-term industry outlook remains weak, we expect Craftsman Automation to continue to outperform the underlying industry, led by superior capabilities, the addition of new capacities, and expected benefits of import substitution.
Reiterate our 'Buy' rating on the stock with a target price of Rs 5,395 (premised on 22 times December-25E consolidated earnings per share).
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