Timken India Q1 Review - Strong Performance But Expensive Valuations: ICICI Direct
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ICICI Direct Report
Timken India Ltd. reported robust Q1 FY22 numbers that were ahead of our estimates on all parameters.
Revenue for the quarter was at Rs 467.9 crore, up 192% YoY and down 1.6% QoQ (versus our estimate of Rs 380.9 crore).
Revenue for the quarter came in at Rs 467.9 crore, up 192% YoY and down 1.6% QoQ (versus our estimate of Rs 380.9 crore).
Gross margins contracted ~322 basis points YoY whereas they expanded ~178 bps QoQ.
Timken India registered an Ebitda margin of 19.8% versus 8.8% YoY and 18.3% QoQ (our estimate of 15.9%).
Employee cost increased 32.4% YoY whereas other expenses increased 123.1%.
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