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ICICI Securities Report
Sansera Engineering Ltd.'s Q1 FY24 Ebitdam at 17.3% was up ~180 basis points QoQ driven mainly by improved exports mix. Orderbook stands at Rs 17 billion with ~53% of it from tech-agnostic/electric vehicle/non-auto segments.
Sansera Engineering expects its revenue to be boosted by recovery in the two-wheeler segment, premiumisation in two-wheelers and increased content per vehicle.
Company is confident of delivering ~50% growth in ex-India revenue in FY24 on benign base and grow its aluminium forging and aerospace businesses to drive exports beyond FY24.
Capex for FY24 is planned at ~Rs 3 billion. We are factoring-in an Ebitdam of 18%/19% for FY24E/FY25E led by rise in export revenue mix.
Maintain 'Buy' with a revised discounted cash flow-based target price of Rs 1,133 (earlier: Rs 1,033), implying 20 times FY25E earnings.
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