Jupiter Wagons Q1 Results Review - Margin Surprises Yet Again; Maintain Buy: Systematix

Systematix Report

Jupiter Wagons Ltd. reported an impressive gross margin expansion of 303 basis points YoY (plus 352 bps QoQ) to 25.6% which reciprocated to the Ebitda margin of 15.5%, ahead of our assumption of 15% for FY25E. The start of wheelset manufacturing at Bonatrans provided impetus to the Ebitda margin.

Bonatrans India witnessed a turnaround with revenue of Rs 744 million in Q1 FY25 with an Ebitda margin of 12.5%. Ebitda/profit after tax from Bonatrans came at Rs 93/70 million against a loss of Rs 35/66 million in Q1 FY24.

Jupiter Wagons reported Ebitda of Rs 1,367 million, up 41% YoY (-7% QoQ) which translated to a net profit of Rs 919 million, growing 46% YoY (-12% QoQ). Order book stands healthy at Rs 70.3 billion at the end of Q1 FY25 against Rs 71.0 billion at the end of Q4 FY24.

The total order book for Kovis-JV stands at Rs 415 million, Rs 900 million for Dako-JV, and received an order of Rs 1,510 million from IR for CMS crossings.

The company is expecting the launch of E-LCV in Q3 FY25 while the commencement of Stone India is also expected in Q3 FY25.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.