External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).</li><li>EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).</li><li>PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Q3FY24: OVERALL MISS; OUTLOOK LIKELY TO BE MUTED

<ul><li>Automotive Axles posted strong Revenue/EBITDA/PAT beating our estimates.</li><li>Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).</li><li>EBITDA at Rs 66 Cr was up 31% YoY (+13% QoQ, 3% Beat) on account of lower personnel costs and other expenses, partly offset by lower gross margins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles posted strong Revenue/EBITDA/PAT beating our estimates.Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).EBITDA at Rs 66 Cr was up 31% YoY (+13% QoQ, 3% Beat) on account of lower personnel costs and other expenses, partly offset by lower gross margins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Q2 EBITDA Beats Estimates; Stock Fairly Valued at CMP

<ul><li>Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.</li><li>With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.</li><li>It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

<ul><li>Automotive Axles posted a disappointing set of numbers with a miss across Revenue/ EBITDA/PAT.</li><li>Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and missed our estimate.</li><li>EBITDA, too, missed our estimate and stood at Rs 78 Cr, flat QoQ but up 25% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles posted a disappointing set of numbers with a miss across Revenue/ EBITDA/PAT.Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and missed our estimate.EBITDA, too, missed our estimate and stood at Rs 78 Cr, flat QoQ but up 25% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Well-Positioned to Benefit from the CV Up-Cycle; Maintain HOLD

<ul><li>In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.</li><li>The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s export network.</li><li>With the increase in demand for higher tonnage vehicles by OEMs, the management informed that the net content per vehicle/axle has increased.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s export network.With the increase in demand for higher tonnage vehicles by OEMs, the management informed that the net content per vehicle/axle has increased.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Strong Show Across Numbers

India

Automotive Axles Ltd. manufactures drive axle assemblies and related auto parts.

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Automotive Axles (ATXL IN)

Automotive Axles - Q3FY24: OVERALL MISS; OUTLOOK LIKELY TO BE MUTED

PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.

Axis Direct

Automotive Axles - Q2 EBITDA Beats Estimates; Stock Fairly Valued at CMP

Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).

Axis Direct

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA. With manufacturing facilities...

Axis Direct

Automotive Axles - Well-Positioned to Benefit from the CV Up-Cycle; Maintain HOLD

Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and...

Axis Direct

Automotive Axles - Strong Show Across Numbers

The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s...

Axis Direct

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