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Axis Securities Report
Automotive Axles Ltd. reported weaker-than-expected revenue and Ebitda compared to our estimates, while profit after tax was largely in line. Revenue declined by 15% YoY but increased by 5% QoQ, missing our estimates by 6%. The YoY decline was primarily due to a ~13% decrease in production volumes of medium and heavy commercial vehicle trucks, while the MHCV Bus segment saw a ~4% YoY volume growth (where Autoaxle has minimal product presence) during the quarter.
Ebitda came in at Rs 51 crore, down 23% YoY but up 5% QoQ, missing estimates by 4%, primarily due to negative operating leverage. PAT was reported at Rs 36 crore, a decline of 20% YoY but an increase of 6% QoQ, missing estimates by a marginal 2%, largely following the Ebitda performance.
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