Jamna Auto Q4 Review - Good Show; Outlook Remains Positive: IDBI Capital

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IDBI Capital Report

Jamna Auto Industries Ltd.'s Q4 FY21 consolidated results were above our estimates on all parameters except Ebitda.

Revenue for the quarter stood at Rs 4.8 billion versus our estimates of Rs 4.5 billion; on account of higher medium and heavy commercial vehicle goods production of 136% YoY/50% QoQ to ~83k units.

Ebitda margin for the quarter stood at 14.9% versus our estimates of 17.3% due to higher raw material expenses.

We build volume growth of 29%/15% for FY22E/FY23E respectively on account of lower base, strong commercial vehicle demand due to government infra push and pickup in construction activities.

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