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Nirmal Bang Report
Jamna Auto Industries Ltd.'s earnings were below our estimates. The company's Q2 FY23 revenue stood at Rs 5,527 million, up 1% QoQ and 57% YoY; QoQ revenue rose marginally despite the drop in the medium and heavy commercial vehicle industry's production volume (down by 8% QoQ).
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Gross margin came in at 31.8%, down 270 basis points QoQ mainly due to an inferior product mix - lower share of new products and higher share of ligt commercial vehicles.
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Furthermore, we believe that consumption of high-cost inventory led to the pressure on gross margin.
Jamna Auto reported Ebitda margin of 10.2% (down 200 basis points versus our estimate), down ~290 bps QoQ due to lower gross margin.
Reported Ebitda at Rs 561 million decreased by 6.5% QoQ and was 23% below our estimate, mainly due to lower-than-expected revenue and higher raw material costs.
Jamna Auto continues to maintain a dominant market share in the original equipment manufacturer segment.
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