External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.</li><li>We expect growth in the Passenger segment volumes to continue to witness double-digit growth.</li><li>However, the MHCV goods carrier segment volumes are likely to witness tepid growth in the near term (possible decline as well) with a gradual recovery expected only post FY25 full-year budget.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.We expect growth in the Passenger segment volumes to continue to witness double-digit growth.However, the MHCV goods carrier segment volumes are likely to witness tepid growth in the near term (possible decline as well) with a gradual recovery expected only post FY25 full-year budget.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Short-Term Pain, Long-Term Gain!

<ul><li>Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the Kalyani Group and Meritor Inc., USA.</li><li>With manufacturing facilities situated in Mysore (Karnataka) and Jamshedpur (Jharkhand), the company specializes in the production of drive axles, non-drive axles, front steer axles, specialty &amp; defense axles, as well as drum &amp; disc brakes.</li><li>AAL serves major domestic and global manufacturers of trucks &amp; buses across various segments, including light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket, and exports. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the Kalyani Group and Meritor Inc., USA.With manufacturing facilities situated in Mysore (Karnataka) and Jamshedpur (Jharkhand), the company specializes in the production of drive axles, non-drive axles, front steer axles, specialty &amp; defense axles, as well as drum &amp; disc brakes.AAL serves major domestic and global manufacturers of trucks &amp; buses across various segments, including light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket, and exports. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Automotive Axles Ltd - 13 MAY 2024

<ul><li>Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).</li><li>EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).</li><li>PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Q3FY24: OVERALL MISS; OUTLOOK LIKELY TO BE MUTED

<ul><li>Automotive Axles posted strong Revenue/EBITDA/PAT beating our estimates.</li><li>Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).</li><li>EBITDA at Rs 66 Cr was up 31% YoY (+13% QoQ, 3% Beat) on account of lower personnel costs and other expenses, partly offset by lower gross margins. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles posted strong Revenue/EBITDA/PAT beating our estimates.Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).EBITDA at Rs 66 Cr was up 31% YoY (+13% QoQ, 3% Beat) on account of lower personnel costs and other expenses, partly offset by lower gross margins. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Q2 EBITDA Beats Estimates; Stock Fairly Valued at CMP

<ul><li>Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.</li><li>With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.</li><li>It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

India

Automotive Axles Ltd. manufactures drive axle assemblies and related auto parts.

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Automotive Axles (ATXL IN)

Automotive Axles - Short-Term Pain, Long-Term Gain!

Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.

Axis Direct

Pick of the Week: Automotive Axles Ltd - 13 MAY 2024

AAL serves major domestic and global manufacturers of trucks & buses across various segments, including light, medium & heavy commercial vehicles,...

Axis Direct

Automotive Axles - Q3FY24: OVERALL MISS; OUTLOOK LIKELY TO BE MUTED

PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.

Axis Direct

Automotive Axles - Q2 EBITDA Beats Estimates; Stock Fairly Valued at CMP

Revenue at ~Rs 585 Cr, up 23% YoY (+10% QoQ, 4% Beat), beat the MHCV industry production volume, which grew by 17% YoY (as per SIAM data).

Axis Direct

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA. With manufacturing facilities...

Axis Direct

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