GNA Axles Delivers Strong Q3; Outlook Remains Progressive: IDBI Capital
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IDBI Capital Report
GNA Axles Ltd. Q3 FY21 result was above our estimates on revenue and Ebitda level whereas Ebitda margin was below our estimates due to higher raw material cost and employee expenses.
Revenue for the quarter stood at Rs 2.8 billion above our estimates on account of strong orders from Meritor and domestic tractor players.
We believe North America /South America/ European market has seen strong recovery post June20.
We expect domestic medium and heavy commercial vehicle truck market to perform relatively better in H2 FY21 on account of economic growth recovery, higher road/construction activities and approximately 15% growth for tractor Industry for FY21.
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