Gabriel India - Electric Vehicle Immune Product Profile, Bullish Stance Retained: ICICI Direct
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ICICI Direct Report
Gabriel India Ltd. is a global top-10 shock absorber manufacturer serving two-wheeler, three-wheeler, passenger vehicle, commercial vehicle, railway and aftermarket segments.
Gabriel India posted muted Q1 FY22 results.
On account of relatively smaller aftermarket exposure, net sales tracked wider original equipment manufacturer industry decline during the quarter of more than 30%, falling ~22%.
Margin decline was entirely due to negative operating leverage, with gross margins stable sequentially in Q1 FY22.
Other income (Rs 2.7 crore) was lower than earlier run rate, aided profit after tax decline.
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