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Dolat Capital Report
GNA Axles Ltd. reported weak numbers but surpassed estimates. Revenue came at Rs 3 billion (down 3% YoY led by muted class 8 truck numbers and weak tractor demand.
Ebitda de-grew 18% YoY to Rs 396 million with 242 basis points YoY contraction in margin at 13.2%.
Despite slowdown in class 8 truck new order, we believe export revenue to be stable in coming quarters due to strong order backlog for North America class 8 trucks and stable tractor business, partially offset by decline in revenue from Europe.
Expect export business to accelerate further in H2 FY23 with improvement in semiconductor supply.
GNA Axles' domestic business will also see improvement with recovery in volume of tractors from Q1.
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