GNA Axles - Growth Trajectory Continues In Q4: Dolat Capital
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Dolat Capital Report
GNA Axles Ltd. printed an impressive number in Q4.
Revenue at Rs 3.1 billion (up 71% YoY/ up 12.4% QoQ) led by strong export and domestic tractor business.
Ebitda remain flat QoQ to Rs 484 million with a stable margin of 15.6% (down 185 basis points QoQ).
Despite a continued stretch of payables and a rebound in revenue, working capital continued to deteriorate by 38 days led by increase in debtor’s days (119 in FY20 to 180days).
Given the increase in short term working capital requirement, total debt increased to Rs 1.7 billion versus Rs 1.6 billion in FY20.
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