ICICI Direct: Timken India - Challenging Times, Valuations Looks Expensive
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ICICI Direct Report
Timken India Ltd. reported subdued Q2 FY21 numbers that were broadly in line with our estimates.
Revenue for the quarter came in at Rs 392.23 crore, down 2.2% YoY (versus our estimate of Rs 400 crore). Slower recovery in commercial vehicle and other industrial sectors impacted the company’s performance compared to peers.
Gross margins contracted approximately 190 basis points YoY. Ebitda margin was at 21.1% versus 22.4% YoY.
However, it is important to note that the company posted one of its highest margins in Q2 FY20.
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