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Nirmal Bang Report
Jamna Auto Industries Ltd.'s Q1 FY22 results were above broader estimates, driven by a resilient operating performance.
Jamna Auto reported Ebitda margin of 11.9%, which was down ~300 basis points QoQ largely due to negative operating leverage, partially offset by break-even point reduction initiatives.
Gross margin improved by ~30 bps QoQ to 37.2% on the back of better product and market mix, partially offset by raw material inflation (net of pass-through).
At Rs 2.95 billion, net sales declined by 39% QoQ, much better than the 52%/42% decline in medium and heavy commercial vehicle/commercial vehicle industry production.
Absolute Ebitda at Rs 353 million declined by 51% QoQ.
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