External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICI Securities research report onCraftsman Automation Craftsman Automation (CFTM)’s Q4FY24 EBITDA came in at INR 2.1bn, down 6% QoQ (vs consensus estimate of INR 2.4bn).</li><li>Powertrain (PT) segment’s EBITM at ~15% was ~300bps lower QoQ due to i) lower capacity utilisation on weaker off-take by domestic and global customers in CV segment, ii) development expenses for OHT/stationary engines segment and iii) refurbishment-related activities.</li><li>As against the likely weakness in domestic CV/tractor segment in FY25, management is confident of delivering mid-to-high single-digit growth in FY25 in PT segment with stronger focus on construction equipment and genset engine cylinder block demand.</li></ul><p><em>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.</em></p>

ICICI Securities research report onCraftsman Automation Craftsman Automation (CFTM)’s Q4FY24 EBITDA came in at INR 2.1bn, down 6% QoQ (vs consensus estimate of INR 2.4bn).Powertrain (PT) segment’s EBITM at ~15% was ~300bps lower QoQ due to i) lower capacity utilisation on weaker off-take by domestic and global customers in CV segment, ii) development expenses for OHT/stationary engines segment and iii) refurbishment-related activities.As against the likely weakness in domestic CV/tractor segment in FY25, management is confident of delivering mid-to-high single-digit growth in FY25 in PT segment with stronger focus on construction equipment and genset engine cylinder block demand.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.

Craftsman Automation - Going Through Consolidation