Name: Latest research reports of ZF Commercial Vehicle Control Systems India Ltd. authored by Prabhudas Lilladhar and published by - Trendlyne research reports.
Item: ZF Commercial Vehicle Control Systems India Ltd.
Rating: 4
Author: Prabhudas Lilladhar

Q3FY18 Result Update - Operating margins disappoint, Long term story intact; Accumulate

Accumulate: ZF Commercial Vehicle Cont...

Target

Prabhudas Lilladhar

YoY (up 7% QoQ) to Rs6.5bn (ahead of our expectations of Rs5.5bn). Operating performance,however,disappointed,withEBITDAmarginloweringto220bpsYoY and140bpsQoQto15.4%(PLe:16.1%).DeclineinOPMwasmainlyonaccountof grossmarginsbeinglower210bpsYoY&80bpsQoQandotherexpensesasa%of...