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IDBI Capital Report
Jamna Auto Industries Ltd.'s Q2 FY22 consolidated results were above our estimates on all parameters.
The revenue for the quarter stood at Rs 3.5 billion versus our estimates of Rs 2.6 billion; Ebitda margin for the quarter stood at 12.6% versus our estimates of 11.4% due to lower raw material expenses.
The company reported profit after tax of Rs 271 million versus our estimates of Rs 163 million.
We build 15% volume compound annual growth rate for Jamna Auto over FY22-24E on account of multi-year low base, strong commercial vehicle demand due to picking up of economic activities like mining, logistics, construction activities.
We believe the increase in tonnage volume due to axle norm has settled and there will be fresh demand for commercial vehicles as regional restriction reduces.
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