Gabriel India Ltd. share price target

Gabriel India reported Total revenues of Rs 499 cr, the EBIDTA stood at Rs 49 cr with EBIDTA margin at 9.8%. Total Comprehensive Income was reported at Rs 27 cr.

Revenue during Q3FY18 was recorded at Rs. 4,452 Mn vs Rs. 3,721 Mn in Q3FY17, marking a growth of 19.6% YoY. All the product segments of the company outperformed the industry growth rate during the period. The company reported subdued margins during the quarter, recorded at 8.9% vs 9.4% in Q3FY17. This resulted from a surge in employee & other expenditure coupled with a lower share of business accruing from aftermarket & exports vertical.

Gabriel India reported Total revenues of Rs 447 cr (20% YoY & 5%QoQ)), the EBIDTA stood at Rs 42 cr (18% annually & 11% QoQ) with EBIDTA margin at 9.3% (contraction of 10 bps (YoY).

Sector: Auto-ancillary /Mid-Cap | Earnings Update 3QFY18 Background: Gabriel India Ltd. is the flagship company of Anand Group, offering the widest range of ride control products including shock absorbers, struts, and front forks. The Company commenced operations in 1961, with a single plant in Mulund, Mumbai and has grown manifold, currently it has nine manufacturing facilities spread across the country with strong 500 dealer network and 10,000 retail outlets. The company has strong R&D; capabilities with over 43 patents in products and process. GIL has technical collaboration with global majors such as KYB (Japan), KYBSE (Spain), Yamaha Motors Hydraulic System Company and KONI....

Gabriel India reported Total revenues of Rs 447 cr (20% YoY & 5%QoQ)), the EBIDTA stood at Rs 42 cr (18% annually & 11% QoQ) with EBIDTA margin at 9.3% (contraction of 10 bps (YoY).

Gabriel India reported Total revenues of Rs 473 cr (9% YoY & 1%QoQ)), the EBIDTA stood at Rs 47 cr (19% annually & 17% QoQ) with EBIDTA margin at 9.9% (expansion of 80 bps (YoY).

Gabriel India reported Total revenues of Rs 461 cr, the EBIDTA stood at Rs 41 cr with EBIDTA margin at 8.7% (contraction of 28 bps (YoY).

Gabriel India reported Total revenues of Rs 391 cr (?7% YoY & ?5%QoQ)), the EBIDTA stood at Rs 37 cr (?13% annually & ?4% QoQ) with EBIDTA margin at 9.4% (expansion of 52 bps (YoY). Reported net profit stood at Rs 22.1 cr (?6% YoY & ?17% QoQ).

Steady Performance in Tough Times; Future Outlook Promising: Revenue from operations for Gabriel India in Q3FY17 was recorded atRs. 3737 Mn Vs Rs. 3548 Mn in Q3FY16 marking a growth of 5.3% YoY. The company has reported healthy figures in Q3FY17 considering the negative impactof demonetisation that was felt all around the auto ancillary industry. We have tweaked our revenue estimates from previous valuation and expect the companyto register growth in revenue at a CAGR of 7.2% for the period FY16-19E to reach Rs. 17,720 Mn in FY19E.