Jamna Auto - A Key Beneficiary Of Commercial Vehicle Upcycle: Dolat Capital
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Dolat Capital Report
Jamna Auto Industries Ltd. posted stellar numbers in Q3 FY21.
Ebitda grew 139% YoY to Rs 510 million with expanded margin of 14.9% (up 553 basis points YoY), led by cost control measures and richer product mix (increase in mix from the aftermarket business).
The company is an ideal play on the ongoing revival in commercial vehicle demand given its 68% market share in domestic original equipment manufacturers markets.
CV numbers are showing sequential improvement led by strong traction from intermediate commercial vehicles and tipper segment.
Medium and heavy commercial vehicle production volume grew 10% YoY in Q3.
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