Q3 commentary here:
https://www.youtube.com/embed/TACLi1POy1M
Main points:
Full year FY 23 Revenue growth expected 22-24%
Q4 also going in same pace as Q3 (positive)
Domestic and exports strong in Q3
Reason for strong performance in Q3:
CV Market – 1st half 60% growth, 9 months 42% growth, 30% growth for the year
Growth in tractors is 5-7% which is very strong since base is high
Exports will be stable for next 2-3 quarters
Capacity being enhanced by 20% regularly via internal accruals
Addiitoan 25% capacity to be completed by June/July
SUV and small component utilization >50% and by may-june utilization will be greater than 80%
Then debottlenecking is planned and then there will be further growth for this segment by end of FY24
Working capital cycle is 120 days
FY 24 Outlook – Top line growth won’t be more than 8-9% on volume basis but because steel prices and freight will be more normalized could see revenue growth of around 15%
Dicsl: Invested and holding
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