Flattish results from Sharda. Revenue is down 1.7% while PAT is down 14.8% QoQ.
Gross margins compressed by 169 bps QoQ and EBITDA margins by 149 bps.
I am also tracking Mahindra, Toyota and Tata Motors quarterly PV sales as a monitorable for Sharda as they are their top customers.
The quarterly PV sales (no. of vehicles) trend has been as follows (Source: FADA):
Oct-Dec 22 | July-Sep 22 | Apr-Jun 22 | |
---|---|---|---|
Hyundai | 133929 | 122362 | 113339 |
Tata Motors | 124115 | 110208 | 108669 |
Mahindra | 85025 | 63344 | 61428 |
The PV sales of all the 3 OEMs have been increasing QoQ with Mahindra registering the highest growth. With these OEMs showing good growth, one would have expected it to reflect in Sharda’s numbers. However, the flattish sales growth doesn’t validate this correlation.
Will need to question the management on this in the concall.
Subscribe To Our Free Newsletter |