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Dolat Capital Report
Craftsman Automation Ltd. printed an impressive performance in Q2 FY22.
Operating margin stood at 25.1% led by better mix (increasing proportion of machining revenue) and better negotiation with clients to pass raw material impact in aluminium casting, partially offset by weak margin in storage solution business.
Craftsman Automation is an ideal play on the ongoing revival in medium and heavy commercial vehicle demand and sharp improvement in heavy duty trucks given the largest player in the machining of highly engineered and critical engine parts cylinder blocks and cylinder heads where SOB is 80-100% with its clients.
We expect heavy duty trucks to see a sharp uptick in demand led by rapid increase in the demand from e-commerce for faster deliveries and pick up in the construction and mining segment.
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