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ICICI Securities Report
Wabco India Ltd.'s Q1 FY22 operating earnings were in line with consensus estimates as Ebitda margin came in at 8.6% (down 316 basis points QoQ).
Negative operating leverage was the drag on margins led by employee costs (up 414 bps QoQ).
We like Wabco India's business on:
dominant market share (more than 85%) in domestic medium and heavy commercial vehicles industry,
turnaround of the commercial vehicle cycle as the domestic industry is likely to remain on growth path well into FY24E, and
strong technology leadership and support (from parent ZF Group) is likely to aid new product / content introduction (e.g. electronic stability control, air disc brakes, services) for both domestic and export markets.
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