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ICICI Securities Report
ZF Commercial Vehicle Control Systems India Ltd.'s Q1 FY23 operating performance was a beat as Ebitda margin came in at 12.4% (up 98 basis points QoQ versus our estimate of it being flat QoQ) driven by 50 bps improvement in gross margin and lower staff cost.
Revenue grew 2% QoQ despite medium and heavy commercial vehicle original equipment manufacturer despatches being down ~15% led by seasonality along with China lockdowns impacting exports.
With dominant share in M&HCV braking solutions (more than 85%), the improving demand for intermediate light commercial vehicle and heavy commercial vehicles as indicated by leading OEMs should augur well for ZF Commercial Vehicle India given its continued focus on portfolio diversification.
Company has started supplying compressors for electric vehicle buses to leading domestic OEMs and is gearing up to supply electronic stability control systems mandated for buses from FY23.
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