Key takeaways from concall
- Expect flattish growth in FY25 with Q4 showing some meaningful recovery. Hoping to maintain margin (20%) despite volume contraction
- Aftermarket segment (15% of revenue) seems to have bottomed out on inventory
- Large ag (20% revenue) customers showing slowdown. Small ag showing some growth (28% revenue)
- Construction segment degrowth in initial stage (37% revenue)
- India geography flat (15% revenue)
- Large customers John Deere and Caterpillar have reduced demand (large ag)
- Working on a 3rd product line after pmp and 3 point system to diversify
- Ongoing discussions on Mexico (near shoring) with clients
- Expanded south korea clients
- India to be a decent market over a period
- Dividend policy continues
Disc. Have a position as of now, may change later. Dividends policy is pro shareholder friendly. The industry (ag and construction are slow moving and interest rate dependent), no quick turnaround here. Thanks
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