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Axis Securities Report
Q1 FY21 was a washout quarter for Automotive Axles Ltd. It reported a loss of Rs 23 crore in Q1 FY21 on account of subdued performance of Automobile industry especially commercial vehicles (CV) as Automotive Axles derives all its revenues from the commercial vehicle segment.
The production was shut for April and May 2020 while a small amount of production was done in June 2020; the company reported a Sales revenues of Rs 38 crore and loss of Rs 14 crore at Ebitda level in Q1 FY21.
The sales volumes in CV segment appears have bottomed out as month on month improvement is seen in industry volumes.
Though the current truck fleet capacity utilization is low at approximately 50%, the demand is expected to pick up as sentiment improves (driven by opening up of economy, capex cycle recovery etc).
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