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Dolat Capital Report
SML Isuzu Ltd. continued its weak performance.
Revenue stood at Rs 2.58 billion attributed to 64% QoQ de-growth in volume, partially offset by 7% QoQ increase in net average selling price due to higher spare parts revenue and price hike.
Bus to truck volume mix was in ratio of 39:61.
Ebitda loss widen to Rs 173 million from Rs 51 million in Q4 FY21 attributable to negative operating leverage and unfavorable product mix.
Net loss extended to Rs 334 million versus Rs 201 million in previous quarter due to higher interest and depreciation cost.
Although SML Isuzu incurred a very low capex of Rs 105 million in FY21, we expect the company to require high funds ahead for developing its electric vehicle buses portfolio and fulfilling its short term obligation.
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